European stocks rose on Thursday, catching up with the rally on Wall Street after a key official laid out the conditions that would keep U.S. monetary policy loose for some time.

Federal Reserve Vice Chair Richard Clarida, who unlike Fed Chair Jerome Powell is a trained economist, said the central bank will keep buying bonds until “substantial further progress” has been made toward its maximum-employment and price-stability goals. Clarida said rates would be keep at its current near-zero levels until the Fed achieves “maximum” employment, until inflation has risen to 2%, and until inflation is on track to moderately exceed 2% for some time.

Clarida’s comment gave further heft to the Congressional testimony Powell has delivered, as the central bank chief said rising bond yields were a reflection of market confidence that the world’s largest economy would recover.

After a 0.5% gain on Wednesday, the Stoxx Europe 600
SXXP,
+0.24%

added 0.2%.

U.S. stock futures
ES00,
-0.11%

edged lower after the 1.1% jump for the S&P 500
SPX,
+1.14%

on Wednesday.

The yield on the U.S. 10-year Treasury
TMUBMUSD10Y,
1.438%

rose to 1.43%, with the French 10-year
TMBMKFR-10Y,
-0.003%

on the cusp of turning positive.

With a widening gap between short- and long-term yields, banks rose throughout Europe on hopes for improving margins, with Deutsche Bank
DBK,
+3.79%

and Commerzbank
CBK,
+3.35%

each rising 2%. Standard Chartered
STAN,
-4.81%

was the exception in the sector, sliding 4% as the Asian-focused, U.K.-based bank reported weaker-than-forecast earnings as credit impairments more than doubled.

Diversified miner Anglo American
AAL,
+4.56%

rose 5%, after reporting a smaller-than-forecast drop in underlying profit.

Read: Mining stocks have surged — and have 2 more tailwinds

Nokia
NOKIA,
+6.04%

NOK,
+2.28%

shares rose 6%. The Finnish telecom equipment maker is a popular company on the Reddit WallStreetBets message board, and Reddit favorites the videogames retailer GameStop
GME,
+103.94%

and movie-theater chain AMC Entertainment
AMC,
+18.05%

surged on Wednesday.

Anheuser-Busch InBev
ABI,
-4.49%

BUD,
+0.35%

shares fell 4%, as the brewer reported stronger-than-forecast sales and volumes for the fourth quarter but also said current-year margins would face pressure from adverse channel and packaging mix, coupled with transactional foreign exchange and commodity headwinds.



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