The banks are firm with the curve, and net interest is still the topic. A firmer front end helps the margin only if deposits stay and the cost of those deposits does not rise in the same step.
Credit cost and the securities book are the second look. A better NII line eaten by higher provisions is not a clean beat.
JPM is on the sheet as an example, not a recommendation. The curve explains the day. It does not replace the deposit line.
What the desk is watching
- NII is still the topic
- Deposits have to stay
- Read provisions against the better line