How much higher will interest payments go?
When the Federal Reserve began to raise interest rates more than a year ago, American banks enjoyed a nice little boost. They increased the interest they charged on loans, while keeping the rates they offered on deposits steady. In other countries this move attracted public opprobrium and politicians floated measures to ensure that customers were not swindled. Americans were happy to rely on a more American solution: competition. It has done its job.
Historically, however, big banks have enjoyed an advantage over smaller peers, owing to their pricing power—something that now appears to be dwindling. America’s “big four” banks reported average deposit costs of 2.5% in the third quarter of the year, identical to the median rate across all the country’s banks. And the funding gap between the biggest and smallest institutions has flipped since the last tightening cycle. In 2015-19 banks with assets of at least $250bn paid 0.
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