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PNC Financial Services Group reported third-quarter net income of $2.1 billion, or $5.09 per diluted share, and return on tangible common equity above 18%. It forecast Q4 average loan growth of 2.5% and net interest income growth of 4%.
The dollar is near its highest level of the year against the euro and is set for its biggest monthly gain versus the single currency in 14 months. Sterling rose after revised UK Q2 growth data, while traders await the August PCE inflation reading.
EXECUTIVE SUMMARY * MNI FED: Gov Barr: Base Case Is For Further Hikes: #83aa171c-7fc4-49fd-82f5-351bcb071d96 * MNI IRAN: Security Chief Says In No Rush To Negotiate: #5df7e2ac-e490-4920-91fd-84069fe559a3 * MNI IRAN: Pezeshkian Talks On Nuclear, Hormuz & US Stance In UN Address: #c9b6854d-8cab-47cb-8646-ce411062279c * M
Vice President JD Vance said the Trump administration is confident inflation and CPI data justify a Fed rate cut, arguing lower rates would help Americans afford homes.
Peter Schiff said surging Treasury yields reflect inflation expectations, fiscal concerns, fading Fed credibility and de-dollarization, pushing back on John Williams’ stronger-economy explanation.
New York Fed President John Williams said the recent climb in Treasury yields is driven largely by a strong U.S. economy, with higher real rates and investment demand playing a bigger role than inflation compensation.