Commentary
The first wave of earnings announcements is usually dominated by the major banks, and in the wake of JPMorgan Chase’s better-than-expected results, plus CEO Jamie Dimon’s positive guidance, I expect that many other major banks will also provide upbeat guidance. The increase in Treasury yields since the Fed’s rate cut on Sept. 18 is not yet a concern for banks, but it must be monitored since if yields continue to rise, it could throw a wet blanket on the plans for future Fed rate cuts in late 2024 into 2025.
