Wages, housing costs stoking price pressures in services
Robust job market is keeping delinquencies low for now
Protectionism has negative implications for output, employment and inflation
Sovereign ratings drive bulk of positive rating action
A rebound in investment banking represents a ray of hope for sector
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