Banks stocks hit hard as continued fall in Treasury yields fuel recession fears

Financial stocks traded broadly lower Tuesday, as longer-term Treasury yields continued to fall amid growing concerns that a recession was on the horizon. Lower longer-term yields can weigh on banking profits, as they narrow the spread between what banks earn on longer-term assets, such as loans, that are funded by shorter-term liabilities. The SPDR Financial Select Sector ETF
XLF,
-1.00%
slid 1.5% in afternoon trading, with 56 of 66 equity components…

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