Chase has told the market what it needed to hear.
After holding steady with its forecast for net interest income when it released first-quarter earnings last month, even as the Federal Reserve became increasingly hawkish, the bank during an Investor Day presentation on Monday raised that target to $56 billion-plus for 2022, excluding its volatile markets unit. It also sees a path, based on what it anticipates for the fourth quarter, to a future annual rate of around $66 billion.
That alone will likely reassure investors that lenders aren’t going to miss out on the upside of rising rates, with worries about the pace of loan growth and deposit competition not erasing that core advantage.
Bank stocks generally were surging on Monday, with JPMorgan shares…
