It’s the second straight rise of 25 basis points following a string of aggressive moves starting in March 2022, when rates were near zero.
Even though the S&P 500 fell 19% last year, fund managers’ sales of securities to adjust their positions can result in capital gains.
The stock led a broad-based rally in U.S. banks, with the KBW Regional Banking Index surging 4.8% for its biggest gain since January 2021.
In addition, Fitch places UBS on rating watch negative due to uncertain implications of the acquisition on the combined credit profile of the two banks.
The Treasury Secretary's comments come amid heightened worries about financial stability after the collapse of two US banks and UBS' deal to buy troubled Swiss rival Credit Suisse.
The measure would have rescinded the DOL rule allowing retirement plans to consider environmental, social and governance issues in their investment decisions.
The regulator said that it's seen 'substantial interest' from multiple potential buyers.
The rating agency lowered the bank's long-term issuer credit rating to B+ from BB+, having already downgraded the lender to junk last Wednesday.
The Swiss bank is reportedly paying more than $2 billion for its rival in an all-share deal priced at a fraction of Credit Suisse's close on Friday.
Silicon Valley Bank's parent company filed for Chapter 11 after the bank was placed in FDIC receivership last week.
