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Banks head lower following rate hike

  • The major averages, bonds, and gold have all turned higher after the Fed lifted the Fed Funds rate by 25 basis points, but satiated bank bulls might be lightening up just a hair.
  • After all, the "dots" showed the Fed as being no more hawkish than a couple of meetings back when it surprised the world by predicting three rate hikes this year. Inflation and growth expectations were essentially unchanged as well.
  • So while the Fed may have been faster with a rate hike than many expected just a couple of weeks back, it appears the timetable past today remains the same.
  • KBE -0.15%, KRE -0.1%, XLF flat
  • Janet Yellen's press conference is just getting underway.
  • Bank of America (BAC -0.2%), Citigroup (C -0.6%), JPMorgan (JPM +0.3%), Wells Fargo (WFC +0.1%), Goldman Sachs (GS +0.1%), U.S. Bancorp (USB +0.3%), PNC Financial (PNC -0.4%), KeyCorp (KEY +0.2%), Regions Financial (RF), SunTrust (STI -1%), Fifth Third (FITB -0.7%)
  • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF

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Bank of America Corporation