Wall Street banks got a shot in the arm Friday when Federal Reserve Chair Janet Yellen suggested that an interest rate hike could be coming sooner rather than later.
"I believe the case for an increase in the federal funds rate has strengthened in recent months," Yellen said in her prepared remarks in Jackson Hole, Wyoming.
Especially for the biggest consumer banks in the U.S., that is big news. Most Wall Street banks, including JPMorgan Chase, Bank of America and Citigroup, saw shares rise after the text of Yellen's speech was released.
"The largest banks should benefit right away from any language about increasing rates in 2016," said Erik Oja, U.S. banks analyst with S&P Global Market Intelligence.