Three of the nation’s biggest banks say their profits fell last quarter.

JPMorgan Chase, Bank of America and Citigroup have been dealing with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.

But setting aside the turbulence of the banking panic, the banks had a mostly strong 2023 driven by a resilient job market, a U.S. consumer who continues to spend and not fall behind on their debts despite the impact of inflation, and higher interest rates that have boosted revenue across the industry.

“The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing,” said Jamie Dimon, JPMorgan’s CEO and chairman.

Wall Street closes out its winning week with a mixed finish

Wall Street closed its 10th winning week in the last 11 with a mixed finish Friday following an encouraging report on inflation.

The S&P 500 edged up by 0.1% after earnings reporting season kicked off with mixed results from Delta Air Lines, JPMorgan Chase and others. The Dow Jones Industrial Average fell 118 points, or 0.3%, dragged down by a sharp loss for UnitedHealth Group following its results. The Nasdaq was basically flat.

Bond yields sank after a report showed inflation at the U.S. wholesale level was weaker than expected. Crude oil rose on worries about potential disruptions to supplies.

Traders are largely betting on the Fed cutting its main interest rate six or more times through 2024. The federal funds rate is already at its highest level since 2001.