$2-trillion money-market facility provides a huge cushion
Stubborn inflation means more interest-rate increases are coming from the US Federal Reserve and that sounds like great news for banks. They have already been reporting booming net interest income: at JPMorgan Chase, it was up 28% in 2022 and for Bank of America 22%.
But there are downsides to the Fed’s tighter monetary policy too, and those have bank executives and many investors fretting: The reversal of its bond-buying programme and the shrinking of the central bank’s balance sheet, which will suck money out of the financial system and put pressure on markets and banks’ funding...
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