Wall Street just had its most profitable quarter ever — fueled in part by the skimpy returns paid out on savings accounts.
The New York Post reports that US banks rang up record profits of $48.3 billion in the second quarter as the Federal Reserve’s interest rate hikes weren’t passed along to consumers, the FDIC said Tuesday.
The total bottom line profit marks a 10.7 percent rise from the same period last year — resulting in the biggest profit quarter in Wall Street history, an FDIC spokeswoman confirmed.
Banks have been clearing more profit as the Federal Reserve has hiked its benchmark rate four times since 2015.
Hit the link below to access the New York Post article: