This is why the boom in profits of JP Morgan and Wells Fargo does not support the stock markets

Listen to the audio version of the article

JPMorgan Chase closes the third quarter with a new record for net interest income. And it further raises the bar for forecasts for the entire year. Wells Fargo is no exception: it always beats analysts’ estimates on interest margin and increases expectations for the whole of 2023. And, at Citigroup, rate and currency traders achieved their best third quarter since at least eight years. The world of high interest rates, which creates pain between families and businesses, has its positive side…