Steve Sosnick, Interactive Brokers’ chief strategist, discusses his takeaways from the leading financial institutions’ activity during earnings season.
Sosnick says that the banking sector is hard to read. Leading financial institutions all do slightly different things.
Other banks specialize in certain financial services such as custodial services and foreign exchange trading.
As a result, the banking sector doesn’t tell us much about the larger economy, according to Sosnick.