Fed stress test results drop June 24th, 4 p.m.

Fed stress test results drop June 24th, 4 p.m. EDT — mark it.

Two items off the Fed wire right now.

First — enforcement actions. The Federal Reserve Board has moved against a former Atlantic Union Bank employee and a former Frost Bank employee. Individual-level actions. Not institutional. Details are sparse, but the Fed doesn't issue these quietly.

Second — and this one moves markets. The Fed has confirmed annual bank stress test results release: Wednesday, June 24, 4 p.m. Eastern. That's your hard date. Every major bank holding company gets graded that afternoon. Capital return plans — buybacks, dividends — hinge on what comes out of that release. JPM, BAC, WFC, GS, MS, C — all on the clock.

Mark your calendar. June 24. 4 p.m. Eastern. After-hours reaction will be immediate.

Numbers don't lie. People do. Trade accordingly.