Morning Brew Daily Banks Thriving Despite Crisis, Magic's $6B NFL Deal, Meet the NYC Rat Czar
Apr 14, 2023
New bank earnings reveal surprising stability in the financial sector, even amidst recent turmoil. Meanwhile, Magic Johnson's team makes a splash with a record $6 billion purchase of the Washington Commanders. The rise of Auto-GPT sparks a discussion on AI's workplace impact. The Stock of the Week shines on LVMH's luxury dominance, while NYC introduces its new Rat Czar, tackling urban challenges with a touch of humor. It's a blend of finance, culture, and a touch of whimsy!
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Big Banks Benefit
- Big banks benefited from the banking crisis, as deposits flowed in from smaller regional banks.
- Higher interest rates allow banks to charge more on loans, increasing their profits.
Money Market Competition
- Big banks face competition from money market funds offering higher yields.
- Customers are moving their money to higher-yielding accounts, forcing banks to increase rates.
Seek Higher Yields
- Consider moving your money from low-yield savings accounts to higher-yield options.
- Money market funds and robo-advisors offer better returns in a high-interest environment.