Bank of America

July 12, 2024 5:53 PM

JPMorgan profit jumps on higher investment banking fees, accounting gain

JPMorgan Chase reported a 25%rise in second-quarter profit on Friday, buoyed by rising investment banking fees and an accounting gain of about $8 billion from a share exchange deal with Visa. Wall Street banks have benefited from a resurgence in capital-raising activity in debt and equity markets. They are also seeing an uptick in fee income from advising on M&A deals as companies become more confident in the U.S. economy's ability to avoid a major downturn. "While market valuations and cr...

Fed expected to hold rates steady, project fewer cuts in 2024

The Federal Reserve is expected to leave interest rates unchanged on Wednesday, with new economic projections from the U.S. central bank's policymakers likely to show fewer rate cuts this year and a delayed start to monetary policy easing. Fed officials will receive a new round of inflation data that could shape their outlook just hours before they conclude their latest two-day meeting and release a fresh policy statement and updated quarterly projections. But with the Fed's efforts to lower i...