What's Happening With Wells Fargo And Bank Of America Shares Today?

Shares of banks and financial services companies, including Wells Fargo & Co WFC and Bank of America Corp BAC, are trading lower Friday afternoon. The sector has been pressured by a dip in the 10-year and 30-year treasury yields.

The Federal Reserve also held rates constant Wednesday but raised its inflation expectations for 2021-2023. Seven Fed officials expect rate increases in 2022, while 13 expect rate increases in 2023.

As interest rates increase, in general, banks can earn bigger profits made on loans to consumers.

Wells Fargo provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally.

See also: How to Buy Wells Fargo Stock

Bank of America provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide.