Western Alliance deposits increased 2 billion last month. Bank of America said that the lender's business model was more resilient than perceived to be. Shares jumped 11% to 35.18, recovering last month's losses. This will help the banking situation by increasing confidence.
Western Alliance had come under pressure last month along with PacWest, as it is one of the regional banks with high uninsured deposits. Bank of America upgraded the banks rating to buy, with a price target of 42 dollars per share.
I think the good news about the banking sector strengten the case in favor of one more rate increase by the Fed, of course, inflation and labor market data will also play a large part.
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