Two regional banks emerged as winners last year as deposit runs shook their industry. Their fortunes have diverged since: New York Community Bancorp Inc. required a frantic rescue last month. First Citizens BancShares Inc. has stretched its rally to more than double in value.

Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation.

The Federal Reserve will test banks’ abilities to withstand a broader array of hypothetical shocks this year after the collapse of multiple regional lenders.

Top US regulators are zeroing in on dangers posed by highly leveraged hedge fund trades, and considering options to rein in risks to the broader financial system.