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Big banks post strong Q3 profits, but warn higher rates and inflation could bite
Goldman’s trading gains and strong results from several lenders lifted bank shares, while higher rates and volatility cloud the outlook.
- JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo reported combined third-quarter profits of nearly $32 billion, supported by stock trading and lending.
- Goldman Sachs earned $5.29 billion, JPMorgan Chase earned $15.31 billion, Citigroup earned $5.2 billion, and Wells Fargo earned $5.95 billion.
- The Federal Reserve’s survey found that 37% of adults could not fully cover a hypothetical $400 emergency with cash or its equivalent.
- Executives warned that high rates and inflation were weakening some activities, including investment banking and bond trading.
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October Consumer Price Index: Hotter than expected
THOUSAND PALMS, Calif. (KESQ) — October CPI reports released this morning show inflation outpacing forecasts, with readings exceeding expectations by 10 basis points in nearly every category. Month-over-month core CPI came in above the 0.2% forecast at 0.3%. Year-over-year core CPI also exceeded expectations, coming in at 2.6%, compared with a forecast of 2.5%. Month-over-month
Inflation in the US stood at 3.7 percent in September. "The inflation problem is solidifying. This is a great disappointment for the American Central Bank," says economist Jörg Krämer in conversation with Dietmar Deffner.
·Berlin, Germany
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Coverage Details
Total News Sources287
Leaning Left32Leaning Right46Center69Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 22%
C 47%
R 31%
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