Big banks emerge as winners on Fed’s campaign

Doing well: Pedestrians pass the headquarters of JPMorgan in New York. It is the best performer among the money centre banks, rising 4.5% for its best day since January 2021. — Bloomberg

NEW YORK: America’s biggest lenders, including JPMorgan Chase & Co, Bank of America Corp and Citigroup, are emerging as major winners from the Federal Reserve’s (Fed) most aggressive campaign to increase borrowing costs in years.

Banks were among the best performing groups in the S&P 500 Index Wednesday, as the sector rose 3.7% to the highest in two weeks.