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KBWB - Net Interest Margins Are Declining But Federal Reserve Comes To The Rescue
Invesco KBW Bank ETF
In a previous article I said net interest margins were going to fall off a cliff this year because of lower loan rates and higher deposit rates. This prediction has come true. In fact, this is the effect of an inverted yield curve on net interest margins. The unwinding of the Fed balance sheet also meant that lower interest on excess reserves was being paid out to the banks as these excess reserves were declining.
We are now approaching Q2 earnings season for the banks and it doesn't look well for the net interest income