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...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...inequality increasing savings and lower productivity and growth rates reducing the desire for investment....
...The savings rate of 3.6 per cent in the first quarter was again low, suggesting few worries among households regarding activity levels....
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...The US Federal Trade Commission’s action to ban non-compete agreements has left Wall Street businesses rushing to restructure contracts and find new ways to tie down the high-priced personnel that their...
...OK, Nvidia did well, and maybe that stock should be trading maybe where it is, maybe not. We can discuss that....
...The latter has a cost-to-income ratio of some 51 per cent, well above BBVA’s 42 per cent. Regulators are likely to be supportive....
...The top six banks have all done better than that — with the unhappy exception of Citi: JPM, Bank of America, Wells and US Bank all outgrew the banking system despite being in the top ten by size back in...
...It is increasingly infiltrating the likes of the Federal Reserve Board, the European Central Bank and the Bank of England. And it is one of the few acronyms for which economists deserve forgiveness....
...England, European Central Bank and the Federal Reserve....
...While inflation has fallen rapidly over the past year or so, the US central bank still has an itchy trigger finger....
...The European Central Bank is likely to need extra interest rate cuts if global borrowing costs are pushed up by the US Federal Reserve maintaining its restrictive monetary policy stance, a top eurozone policymaker...
...Banks are unlikely to offer the same high yield on their savings accounts due to costs of intermediation. Direct debt sales to retail investors will therefore suck out funds from bank accounts....
...From the bank: When can we expect sagging S&L tax revenues to moderate consumption and gross investment growth?...
...As the US reported the latest in a string of poor inflation figures, markets reined in their forecasts for rate cuts by the European Central Bank and the Bank of England, as well as by the Fed itself....
...“The economy is performing well,” said Fed chair Jay Powell in a news conference after the FOMC announcement....
...People might well be lumping the Fed in with “government”, but at face value, the Fed truly has power without responsibility....
...Even so, some economists believe recent US data — notably on inflation — will force the central bank to be more cautious....
...Group operating costs fell 3 per cent, driven by £200mn of efficiency savings....
...when I could be earning a better savings rate if I take it to one of the other, you know, 4, 000 banks in the US....
...nearly two-thirds funded by corporate saving, derived from operating cash flow running well in excess of capital investment....
...Efforts to cut the price of insulin to $30 a vial as well, as this latest scheme’s push to almost halve the market price of naloxone, were aimed at “maximising taxpayer dollars and saving more lives with...
...Central banks will first push out expectations on the timing of the journey to 2 per cent and then, well down the road, transition to an inflation target based on a range, say 2-3 per cent....
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