given the pressure on profits from high inflation and elevated interest rates that are slowing parts of the economy.
The industry's giants have largely reported better results than expected, with several saying they benefited from the industry's turmoil as customers moved deposits to them and away from smaller banks that seemed at greater risk. Central banks around the world have been raising rates at a furious pace for more than a year, and the wide expectation is for the Federal Reserve to raise short-term U.S. rates again at its meeting next month. High rates can stifle inflation, but only by slowing the entire economy, raising the risk of a recession and hurting prices for investments.
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