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How a Federal Reserve Interest Rate Hike Hands Over Billions to Big Banks
Big banks around the world are secretly rooting for another U.S. Federal Reserve interest rate hike this week.
That's because every Federal Reserve interest rate hike causes an immediate spike in their income. Last year the U.S. Federal Reserve paid out $6.9 billion to the Big Banks, including more than $100 million to Goldman Sachs Group Inc. (NYSE: GS) and more than $900 million to JPMorgan Chase & Co. (NYSE: JPM).
Here's how this insanity started - and why it's bound to get worse...
Big banks around the world are secretly rooting for another U.S. Federal Reserve interest rate hike this week.
That's because every Federal Reserve interest rate hike causes an immediate spike in their income. Last year the U.S. Federal Reserve paid out $6.9 billion to the Big Banks, including more than $100 million to Goldman Sachs Group Inc. (NYSE: GS) and more than $900 million to JPMorgan Chase & Co. (NYSE: JPM).
Here's how this insanity started - and why it's bound to get worse...