When banks are the only ones who get rates, what happens to the rest of us?

Barclays has raised rates for the first time in two years, with a target of 6.5% for a second quarter.

The bank is among the biggest borrowers of U.S. mortgage-backed securities, with its share of the market rising to 8.3% last quarter from 6.3%.

But the stock’s rally was sparked by its new chief executive, Mike Duke, who said in January that banks needed to increase the pace of capital investments to help offset losses on their toxic loans.

The Fed has raised its benchmark interest rate twice in the past year.

The rise in rates is the latest indication that the U.C.L.A. economy is slowing, with the national unemployment rate ticking down to 6.7% from 6% in June.

That may mean that some of the biggest banks are now under pressure to cut their spending and take on more risk, said Richard Meehan, senior economist at UBS AG in New York.

The banks’ ability to borrow more will depend on whether they get the stimulus they seek or not, Meehaan said. 

The U.K.’s Barclays has cut its full-year earnings forecast by 20bp to £3.15 from £3, which it had previously forecast. 

U.S.-based Barclays is the largest bank in the U, with 4.7m customers.

Its shares fell 2.7%, or 4.1%, to £26.66 in London on Thursday.

Barclays is one of the banks that is seeing the biggest declines in market value in the wake of Duke’s comments. 

Capital expenditures are falling.

The Bank of England said on Tuesday that it expected to see its spending on mortgage-related assets fall for the second quarter in a row. 

“The outlook for capital spending is negative, with our forecasts for the near-term growth outlook being negative,” the Bank said in a statement.

The central bank’s move came after Barclays lowered its forecast for the year, saying in March that it had cut its target by £4.3bn, or 7%, from the previous quarter. 

In a Reuters survey on Thursday, Barclays’ UK shares were up 8.2%, or 5.7%.

Barclays’ share price is down 6% so far this year.

Barclays was the biggest U.N. bank to downgrade its growth forecast for 2019, saying it was too pessimistic about economic growth in the rest or the U-14 group. 

Last week, UBS said its UK earnings forecast fell by 2% to £2.90 per share, or £6.60 per share.

That’s down from £2,980, or $7.40 per share a year earlier.

Barclays shares are down 9% this year to $54.80, down 0.4% from the same time last year.