Aside from JPM holders, last week didn’t thrill most investors; the S&P 500 gained +0.8%--it’s up +7.8% for the year. JPM rose over +8%, reporting record quarterly revenue and a 52% growth in quarterly profit. It really is a tale of haves and have nots in banking: other big banks originating lots of loans will likely do well on higher rates, while the blows to smaller and specialized banks like SVB will have contractionary effects on C&I, multifamily, and small business lending.
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