Notable macro commentary in the JPM & GS earnings releases:

JPMorgan:

• "net charge-offs, down 53%, were better than expected, reflecting the increasingly healthy condition of our customers and clients."
• Combined debit and credit card spend was up 45%, or up 22% versus the more normal, pre-pandemic second quarter of 2019.
• "We saw accelerating growth across categories including in travel and entertainment"
• "Originations in Home Lending, up 64% to $40 billion, and Auto, up 61% to $12 billion, remained very strong. However, CCB loans were down 3% reflecting elevated prepayments in mortgage and lower Card balances."

Goldman Sachs:

• "Consumer banking net revenues reflect higher deposits and credit card balances"
• The rise in total loans reflects growth in both wealth management and residential real estate (primarily in warehouse lending)
• Cite improving consumer spending, CEO confidence and declining US unemployment as improving fundamentals in Q2