Stocks rally on big bank earnings 10/17/22
Power Lunch
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Bank of America's Earnings Power Comes Back With Rising Rates
Bank of America beat estimates on net interest income, which means the Bank is making more money thanks to rising interest rates. CEO Brian Moynihan: The level of rates is going to be determined by what the Fed's doing to take out monetary accommodation. "We're working against an economy which is still solid now in terms of customer activity," he says.
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