U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three large failed bank acquisitions, the Federal Deposit Insurance Corporation reported Thursday. The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily due to the impact of the bank failures and ensuing acquisitions. Accounting for those events, bank profits were up 5.7% compared to a year prior.
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The theme Wednesday was the persistent risk of sticky inflation on both sides of the border, said Ryan Crowther, vice-president and portfolio manager at Franklin Templeton Canada. The Bank of Canada left its key interest rate unchanged as expected, but highlighted that it’s still open to hiking rates if the ecoTech giants Apple and NVIDIA are falling from their recent highs. Yahoo Finance Markets Reporter Jared Blikre delves into the stocks' unexpected downturns.
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