Morgan Stanley's profit beat estimates as growth in its wealth management business offset lower trading revenue in the second quarter, and executives expressed optimism about the economic environment.
Bank of America's second-quarter profit beat Wall Street estimates as it earned more from customers' loan payments while investment banking and trading fared better than expected.
There is no doubt that higher interest rates are hard on a many people – especially if you are taking out a loan on a home or a car, or are struggling to catch up with credit-card debt.