Chris Whalen: “Higher For Longer” Interest Rate Regime Is Bad For Banks

Forward Guidance

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Timestamps

(00:00) Introduction

(00:37) Banking Net Interest Income Is "Flat To Down"

(04:26) Commercial Real Estate (CRE)

(13:26) VanEck Ad

(14:26)

(17:31) Consumer Deposits Have Become "Toxic"

(20:07) Schwab

(22:15) Chris Expects Mid-Size Banks To "Do Better Than The Big Guys" Next Year

(24:43) If There's No Recession, Are Bank Stocks Still Cheap?

(27:41) Higher For Longer Will Continue To Be Bad For Banks' Core Business of Taking Deposits And Making Loans

(30:19) Bank of America Should Be "Spanked"

(32:59) Only A Few Fed Cuts Are Needed To Improve Banks' Position

(35:13) Consumer Credit Continues To Be Fine ("Not Even At 2019 Levels")

(37:10) Credit Risk Issues For Banks Are Primarily In CRE

(38:12) New York Community Bank