Regional Banks Stocks Surge After Fed Comments Boost Rate Cut Hopes

M&T Bank, Eastern Bank, and Byline Bancorp shares surged following comments from NY Fed President John Williams, boosting hopes for an interest rate cut. The probability of a December rate cut jumped from 39% to over 70%, and the 10-year Treasury yield eased. The stocks are up 3.5%, 5.1%, and 3.4%, respectively. The market overreacts to news, presenting good opportunities to buy high-quality stocks.