Big US Banks See Increased Profits From Higher Interest Rates But Remain Cautious

• JPMorgan Chase, Wells Fargo and Citigroup reported increased quarterly profits compared to last year due to higher interest rates.
• The banks saw significant jumps in net interest income as the Federal Reserve raised rates to combat inflation.
• JPMorgan's acquisition of First Republic Bank also contributed to its profit increase.
• Bank executives expressed caution about macroeconomic risks like inflation, market volatility and consumer spending slowdowns.
• Wells Fargo and others set aside more funds to cover potential losses, especially in commercial real estate.

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