Widely regarded as bellwethers of the economy, US banks kicked off 2025’s first quarterly earnings season with a relatively positive start thanks in part to trading and business activities. While that provided a much needed relief from the volatility of recent weeks, one narrative echoing across the board suggests that markets are not completely out of the woods just yet.

Dan Koh and Ryan Huang break down the latest financial statements of JPMorgan, Morgan Stanley, and Wells Fargo, and investigate what they are forecasting for the US economy for the rest of this year.

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