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Financials Down as Treasury Yields Hold Near Recent Highs - Financials Roundup

09/30/2022 | 05:39pm EST

Shares of banks and other financial institutions fell, but not by as much as the broad market, as Treasury yields held near multiyear highs.

Yields rallied this week because of a growing sense that inflation and interest rates are likely to remain higher for longer than previously anticipated.

"Economists have underestimated the persistence of inflation for over a year," said analysts at brokerage Bank of America Securities, in a note to clients. "They have ignored the lessons of the 1970s ... " and the effects of a tight labor market on inflation, the analysts said.

The economic and market shifts have triggered a rebalancing of assets, said Quincy Krosby, chief global strategist at brokerage LPL Financial.

During the week ended Sept. 28, net retail outflows from investment funds, excluding money-market funds, rose to $27.5 billion, from $19.9 billion a week earlier, according to analysts at brokerage Jefferies.

French banking giant Société Générale named investment-banking head Slawomir Krupa as its next chief executive, replacing Frédéric Oudéa.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

09-30-22 1738ET

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 0.24% 37.7 Delayed Quote.-15.26%
LPL FINANCIAL HOLDINGS INC. 2.48% 231.76 Delayed Quote.44.77%
SOCIÉTÉ GÉNÉRALE -0.29% 24.295 Real-time Quote.-19.57%
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