How have large US banks benefited from the Federal Reserve's rate rises? Benjamin Z Miller Answers

Large US banks have experienced a surge in profits due to the Federal Reserve's series of interest rate rises. JPMorgan Chase, Citigroup, and Wells Fargo collectively earned $49 billion in net interest income during the second quarter, benefiting from charging higher rates for loans.

This figure represents a 30% increase compared to the same period last year and demonstrates how these banks have capitalized on the tightening monetary policy. While the banks have raised loan rates, they have managed to avoid significant increases in deposit rates. However, the competition for deposits is expected to intensify as the interest rate environment evolves, potentially impacting net interest income in the future.

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