Despite the unpredictable impulses of its president Wall Street just had its most profitable quarter ever.
The record numbers were powered in part by the meagre returns paid out on savings accounts.
A report in The New York Post states that U.S. banks surged to record profits of $48.3 billion in the second quarter as the Federal Reserve’s interest rate hikes weren’t passed along to consumers.
The total bottom line profit marks a 10.7 percent rise from the same period last year resulting in the biggest profit quarter in Wall Street history.
Banks have been clearing more profit as the Federal Reserve has hiked its benchmark rate four times since 2015.
