Banks used to provide relief from inflation. Now they profit big3 min read 31 Jul 2022, 07:30 PM IST
The gap between what banks pay depositors and what they earn from lending money to borrowers hasn’t been so wide in the past half-century, with the average savings account paying a skimpy 0.06%
The last time inflation burned hot, consumers could put money in the bank and watch it grow like the prices on store shelves, easing much of the pain. Not this time -- and that’s stoking profits for US lenders.
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