Canary At The Teller Window—Global Banks Are Crashing Hard

It’s not exactly a propitious sign that the banks in the US, after nearly recovering to their pre-Financial Crisis highs – “Close, but no cigar!” – are once again turning around and heading south as the Fed is “gradually” removing accommodation, which results in higher funding costs for banks and greater credit risks on outstanding loans.

And the European banks remain a mess and have an excellent chance of getting still get messier.