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Banks Flag Softer Consumer Into End-21, But Animal Spirits Running High

EQUITIES
A collection of macro takeaways and some of the more notable themes in bank earnings so far this quarter:
  • Animal spirits: GS cite "significant increase in completed mergers and acquisitions volumes" and "strong industry-wide initial public offerings activity". Meanwhile, Citi flagged the "best advisory quarter in over a decade" as a driver of earnings.
  • Consumption: GS saw higher credit card spending and deposit balances, while JPM saw slight softening of card spending toward end of Q4. Wells Fargo saw consumer spending as "strong" so far in 2022, with consumers having a lot of liquidity. Nonetheless, has seen some softening in consumer spending post-omicron.
  • Policy: JPM's Dimon said the Fed could hike rates as many as 7 times in 2022, expects more rate increases than the implied curve.
  • Economy: JPM saw clear signs that wage, housing and oil inflation are not transitory. Wells Fargo see a "pretty strong purchase market for housing", while GS flagged that inflation may be above trend "for some time".
  • Markets: JPM cite "challenging trading environment in rates, as well as lower revenues in credit, FX and EM". Meanwhile, Citi saw their growth in FX and commodities "more than offset" by weakness in rates and spread products.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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