Higher interest rates boost US bank earnings
A solid US economy and rising interest rates boosted the profits of large US banks, according to earnings reports on Friday, despite President Donald Trump's antagonism to rate hikes by the central bank. The results from JPMorgan Chase, Citigroup and Wells Fargo followed a two-day stock market rout that Trump blamed on the Federal Reserve in his attacks. The stock losses were sparked in part by a sudden rise in 10-year US Treasury bond yields, which raised fears that higher interest rates would dent economic growth. But the trio of bank ...
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