JPMorgan, BOfA And Other US Banks Reportedly Reap $1 Trillion Windfall From Fed's High Interest Rates

U.S. banks have reportedly gained a $1 trillion windfall due to the Federal Reserve’s prolonged period of high interest rates.

What Happened: The Federal Reserve maintained elevated interest rates for two and a half years, allowing banks to earn higher yields on deposits held at the Fed. However, many banks did not pass these higher rates on to their savers, the Financial Times reported on Monday.