Bank of America just reported that their earnings collapsed by -56% YoY, a signal that the US economy and banking sector might not be as healthy as things appear.

Of particular concern was Bank of America reporting a big surge in loan losses - called "charge-offs". These charge-offs surged by over 70% YoY and are now higher than pre-pandemic levels. Especially for credit cards, where the charge-off rates spiked as cash-strapped borrowers struggle to pay their credit card bills.
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