Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
Summary: US earnings season has started with major banks beating expectations in net interest income growth. JP Morgan stood out as the winner and acquired troubled bank First Republic Bank. Banks relying on trading and investment banking income, like Citigroup, struggled. Smaller regional banks face challenges due to outflows in consumer deposits. Despite concerns, JP Morgan's CEO remains optimistic about the US economy.