Banks Are SCREWED Facing HISTORIC Losses | Here’s Why

Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase Fitch Ratings cut its assessment of the banking industry’s health in June, a move that analyst Chris Wolfe said went largely unnoticed because it didn’t trigger downgrades on banks. But another one-notch downgrade of the industry’s score from AA- to A+ would force Fitch to reevaluate ratings on each of the more than 70 U.S. banks it covers, Wolfe told CNBC. “If we were to move it to A+, then that would recalibrate all our financial measures and would probably translate into negative rating actions,” Wolfe said. The credit rating firms relied upon by bond investors have roiled markets lately with their actions. Last week, Moody’s downgraded 10 small and midsized banks and warned that cuts could come for another 17 lenders, including larger institutions like Truist and U.S. Bank . Earlier this month, Fitch downgraded the U.S. long-term credit rating because of political dysfunction and growing debt loads, a move that was derided by business leaders including JPMorgan CEO Jamie Dimon. #bankcrisis #interestrates #federalreserve #money #currency #stockmarket #bonds

TOPICS AND TIMESTAMPS:
What’s Up With the Banks? 0:00
Wall St Has A Problem 8::15

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