Reported 8 months ago
The schedule for rate cuts by the Federal Reserve continues to be delayed, impacting the profits of overseas financial centers, with the combined profits of banks, securities, and insurance in the first four months decreasing by 34% to $518 million. This decline is attributed to the prolonged delay in interest rate cuts by the Federal Reserve, affecting the profits of overseas financial centers, notably with significant decrease in profits for banks' Offshore Banking Units (OBUs).
Source: YAHOO