How U.S. Bank Stock Prices Respond to Geopolitical Risk

Friederike Niepmann, Leslie Sheng Shen and Joshua Walker

No 2026-06-02, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Geopolitical risk has emerged as a central driver of global financial markets, with episodes such as Russia's invasion of Ukraine and recent conflicts in the Middle East triggering sharp movements in asset prices and increases in market volatility. But not all industries are exposed to such shocks in the same way (Caldara and Iacoviello 2022; Culver, Niepmann, and Shen 2025).

Date: 2026-06-02
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Working Paper: How U.S. Bank Stock Prices Respond to Geopolitical Risk (2026)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:103377

DOI: 10.17016/2380-7172.4091

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