Sound the alarm! Bad news about the U.S. economy is pouring in, with the news just coming out that the profits of major U.S. banking groups fell in the third quarter. JPMorgan Chase fell 17 percent to $9.74 billion, Wells Fargo fell 31 percent to $3.53 billion and Citi fell 25 percent to $3.5 billion. This is against the backdrop that the Fed has raised its benchmark interest rate from near zero to 3% to 3.25%, with further rate hikes to come. In fact, high interest rates have raised bank profits, which are currently at extremely high levels, but banks are still pessimistic about the future, saying: "Always be vigilant and prepared for bad outcomes." The reason is that the outlook for the U.S. economy is not optimistic, and there is a lot of evidence to prove this, the model built by Bloomberg economists predicts that the probability of a recession in the next 12 months has reached 100%, only President Biden expressed optimism, saying that the U.S. economy is "extremely strong." Who is right? #美国经济 #
