Last week, it was announced that the results of the first round of the Federal Reserve’s annual “stress tests”—which evaluate whether U.S. banks have enough capital to withstand a financial crisis—were positive: All 33 U.S. banks passed the “warm up” stress tests, signaling that they could, hypothetically, withstand an estimated $385 billion in losses should a recession occur. But the second round of results—released just after markets...
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