Some of the largest U.S. banks said on Friday they got a profit boost from higher rates and painted a picture of a resilient economy, with sparks of hope in some businesses like deal-making that have been in the dumps of late.
But they also warned of risks ahead, with U.S. consumers pulling back on spending and losses building up in areas such as credit cards and office commercial real estate.
Investors brushed aside their initial enthusiasm for results from JPMorgan Chase, Wells Fargo and Citigroup, fearing things were as good as they would get for a while.
Read More : US Banks Highlight Resilient but Slowing Economy, Highlighting Risks Ahead