Short-term strength overshadowed by rising rate uncertainty
Downgrades outnumber upgrades, led by weakness in corporate junk
Robust investment banking revenues to drive improved earnings
Consolidation on hold as valuations sag, regulatory oversight intensifies
U.S. bank failures possible, particularly for smaller banks with higher exposures
Continuing property market challenges to weigh on GDP growth
High rates and U.S. banking turmoil drove flight to money market funds
Non-trading revenues at U.S. venues also rose in 2023, Fitch reports
Upfront spending weighs on banks' bottom lines, despite revenue growth
Central bankers face additional source of price pressure