Just a few months ago, Wall Street’s largest banks took turns warning that the record run of their largest source of revenue was coming to an end. Now, that concern seems to be gone. Following the release of the latest US CPI data, the Fed is widely expected to cut interest rates less than previously expected, which is positive for the outlook for interest margin income in the banking sector. Analysts expect some large banks to raise their 2024 net interest income (NII) outlook guidance in their Q1 earnings reports. JPMorgan Chase & Co. had previously estimated its annual NII of $90 billion, but this figure is now conservative, and the focus is no longer on whether the company will raise its forecasts, but by how much.
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