A solid US economy and rising interest rates boosted the profits of large US banks, according to earnings reports Friday, despite President Donald Trump’s antagonism to rate hikes by the central bank. The results from JPMorgan Chase, Citigroup and Wells Fargo came on the heels of a two-day stock market rout, that Trump blamed on the Federal Reserve in his attacks. The stock losses were sparked in part by a sudden rise in 10-year US Treasury bond yields that raised fears that higher interest rates would dent economic growth. But the trio of bank results helped Wall Street stage a rally Friday to win back some of the losses over the last 48 hours. The broad-based S&P 500 was up 1.1 percent to 2,759.07 near 1540 GMT, after declining more than five percent over the prior two days. “Certainly the US economy is performing very, very well,” said Citigroup Chief Financial Officer John Gerspach. He said the jump in Treasury yields is not surprising as the US and other major economies exit a period of extraordinarily low interest rates after the 2008 financial crisis. “All you’re seeing now is the market trying to find the right level for the 10-year… Read full this story
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