LIVEWhere U.S. Banks Stand in the Fight for Interest Rate Cuts
Big U.S. banks are riding a somewhat unexpected
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wave this year, making a pretty penny from their lending ventures. It’s like the stars aligned for them when whispers began that the Federal Reserve might not be as cut-happy with interest rates as initially feared.
I’m talking modest trims instead of deep cuts, a situation where less really is more for the likes of JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. These giants have been charging more for loans ever since the Fed started hiking rates, but haven’t been as generous with what they pay out to depositors.
It’s a classic move, but hey, who’s judging?
Now, back in January, these bankers were bracing for a hit to their profit margins in 2024. They saw a storm brewing with potential rate cuts and savvy savers hunting for juicier deposit accounts. Fast forward a bit, and the storm seems more like a light drizzle.
The market consensus now is the Fed might only cut rates two or three times over 2024, not the half-dozen times previously thought. This twist in the tale has analysts saying some banks might even jazz up their forecasts as they start dishing out their first-quarter report cards.
Riding the Wave of Interest
