What Big Bank Earnings Just Revealed About the Health of the U.S. Consumer
If big bank earnings are any indication, consumers are doing fine despite the headwinds.
Overview
There's a saying that Wall Street climbs a wall of worry. One of the big worries right now is around inflation, which is running hotter than the Federal Reserve would like, at least partly thanks to high oil prices (driven by a worrying geopolitical conflict in the Middle East). The fear is that the U.S. economy could be tipped into a recession, as strained consumers are forced to pull back.
You can get a look at how well consumers are doing by examining the second quarter results of big banks. If Bank of America (NYSE: BAC), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), and JPMorgan Chase (NYSE: JPM) are any indication, Wall Street's economic worries may be misplaced.
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Originally published at www.fool.com.