Big banks such as JPMorgan and Wells Fargo will have their hands tied for the rest of the year when it comes to buybacks and dividend hikes as the coronavirus remains a headwind for the economy.
|JPM||JP MORGAN CHASE & CO.||96.27||+0.92||+0.96%|
|WFC||WELLS FARGO & COMPANY||23.51||+0.25||+1.07%|
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||24.07||+0.32||+1.35%|
The Federal Reserve is extending its ban on both citing the pandemic, policymakers disclosed late Wednesday.
FED TO KEEP RATES NEAR ZERO THROUGH 2023 TO ASSIST ECONOMY
In recent months, Chairman Jay Powell has spoken frequently about the uncertainty COVID-19 has placed on the U.S. economy and the need for further stimulus.
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