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Macro Takeaways From US Bank Earnings:

EQUITIES
  • Bank of America: Expects losses on office property to move lower in Q2, and expected consumer net charge-offs to level off next quarter. Consumer net charge-offs rose over 10% from Q4, driven by higher credit card losses. Credit card delinquency rates have increased further off historic lows, rising to 2.48% for 30+ days past due – the highest post-pandemic, with 90+ days and 60-89 days a new cycle high.
  • Citigroup: Cautiously optimistic on rebound in the IPO market, chances of soft landing increasingly likely, labour market and consumer spending holding up
  • JP Morgan: Consumer remains healthy on resilient labour market. Global geopolitics more important than the economy, extra money “about done” for lower 50% of consumers
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