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Chris Whalen on Big Bank Earnings and the Return of Credit Risk

Forward Guidance

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The Bank's Equity Position Has Improved

The Fed has stopped buying bonds and stopped forcing asset prices up, we're going to see the real cost of credit come back. We had a long period where credit had no cost in almost 10 years. But it doesn't change the fundamentals, which is you still have trillions of dollars in securities and loans that were priced very 20 and 21 price to love.

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