Updated: Jul 17
July 15, 2023 | Premium Service | A quick note to our Premium Service subscribers about Q1 2023 bank earnings so far. We’ve seen the best of the large bank group with JPMorgan (JPM), which as we wrote earlier is leading the top five money center banks by a wide margin. The mainstream media narrative says that banks are “benefiting from higher interest rates," but in fact funding costs rose less rapidly than feared. We'll take good news of whatever description.