Earnings Catching Up to Bank Stocks Still High on Trump Promises
- Financials holding most of their post-election gains this year
- Yield curve flattening as bank earnings calls are tempered
JPMorgan 2Q Trading Revenue Falls Short of Estimates
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After Election Day, the bull case on U.S. bank stocks was simple. Donald Trump was taking office, and he’d usher in tax cuts and government spending that would spur a reflationary surge to the benefit of lenders.
Eight months later, very little of that has happened. Yet despite getting dinged on earnings this morning, financial shares are nearly as high as ever.