On The Rock
Happy Sunday,
This week will focus on the earning calls and financial results of several key banks.
Among those set to announce their earnings later this week are Bank of America BAC 0.00%↑, JPMorgan Chase JPM 0.00%↑, Citigroup C 0.00%↑, BlackRock BLK 0.00%↑, Wells Fargo, and Bank of New York Mellon.
In other news, developments in the cryptocurrency and regulatory sectors continue to make headlines. The SEC's potential approval of Bitcoin ETFs remains a topic of interest and could be resolved in 3 days.
Coinbase's COIN 0.00%↑ strategic move to acquire a European company with a MiFID II license is anticipated to enable the offering of crypto-linked derivatives in the EU.
Rates Revving Up, Not Dropping Dead: 2024 Outlook
Mortgages: Cooling off, but still simmering at 5-6%. Fed cuts might bring relief in 2025 (post-election).
Cars: Ditch the 0% fantasy, rates hold near 7.7%. Buckle up, not brace.
Credit Cards: No material interest rate impact, 18-19% will be the new normal (down from record 21%).