Fed's dropping two enforcement bombs after hours.
Fed's dropping two enforcement bombs after hours. First hit: annual bank stress test results land Wednesday, June 24th, at 4 p.m. Eastern. Eight of the largest U.S. banks on the clock. Results drop after market close. Watch for after-hours moves in the major bank names.
Transcript
Fed's dropping two enforcement bombs after hours.
First hit: annual bank stress test results land Wednesday, June 24th, at 4 p.m. Eastern. Eight of the largest U.S. banks on the clock. Results drop after market close. Watch for after-hours moves in the major bank names.
Second hit: the Fed just issued a fresh enforcement action against Small Business Bank — while simultaneously terminating existing actions against BNP Paribas S.A., BNP Paribas USA Inc., BNP Paribas Securities Corp., and Community Bankshares Inc. One new action in. Four actions out. BNP walks away with a clean slate on multiple fronts. Small Business Bank does not.
Two moves. One tightening. One loosening. The Fed isn't sending a single directional signal here — they're house-cleaning with one hand and adding pressure with the other.
Stress test date is circled. BNP terminations are notable. Small Business Bank enforcement is live.
Numbers don't lie. People do. Trade accordingly.