US banks are considering aggressive cuts to interest payments for corporate depositors as they seek to protect their profit margins after the Federal Reserve cut benchmark lending rates.
Since 2022, lenders have been offering better rates to savers as the Fed raised benchmark interest rates to 23-year highs and they sought to ensure customers did not move their cash to another bank or into money market funds.
Corporate bank clients were some of the biggest beneficiaries, demanding and receiving payments on their deposits that rose in lockstep with the Fed’s benchmark rates.
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