The widespread expectation of a Friday cut in short-term rates has failed to stir interest in bank stocks so far.

Many economists are convinced that September employment data to be released that day will be bad enough to force the Federal Reserve again to cut the discount rate and its target for the federal funds rate. Both rates are now 3%. But bank stocks, which began a long climb after the Fed eased last Dec. 20. seem to have become immune to Fed actions.

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