Thanks, Janet! Fed saves day for big banks

[WhiteTara]

http://money.cnn.com/2016/05/19/investing/banks-federal-reserve-rate-hikes/

The Fed strongly indicated in the minutes of its last meeting that an interest rate hike is possible next month. That surprised many investors, who had been expecting that the Fed would wait until after the presidential election to make another move.

Interest rates have been abnormally low (near zero, in fact) since the financial crisis in 2008. The Fed finally hiked rates by a tiny bit last December but has held steady since.

Low rates may be good for consumers using credit cards and looking to buy a home. But they are the enemy of giant banks since it makes it harder for them to profit on the loans they make.

So any indication that rates may finally be back on the path to something remotely resembling normal is good news for companies like JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC).

[tonyt53]

1. To criticize Yellen at this time is an indication of a person's lack of understanding about economic

[WhiteTara]

2. I assume you are talking to the writer of the article

and not me. I'm just posting news.