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While the COVID-19 global pandemic created problems for the global economy, central bank liquidity and government stimulus created a bonanza of profits for the leading financial institutions. The Financial Select Sector SPDR Fund (XLF) holds a portfolio of the top U.S. companies involved in financial services, insurance, banking, capital markets, mortgage real estate investment trusts, consumer finance, thrifts, and mortgage finance. The XLF fell to a long-term low in March 2020, but it recovered to a higher all-time high over the following year.
Free money for financial institutions
