A Federal Reserve rate cut could lead to the same challenges for Wall Street lenders that European banks have been dealing with, Lorenzo Bini Smaghi said.
A Federal Reserve rate cut could lead to the same challenges for Wall Street lenders that European banks have been dealing with for years, Lorenzo Bini Smaghi, the chairman of Societe Generale, told CNBC Saturday.but the market is still expecting a cut in July even after the strong jobs report on Friday, according to the CME Fed Watch tool.
SocGen's Bini Smaghi suggested that European lenders had already restructured and adapted to a low-rate environment and would be ahead of their U.S. peers if the Fed did indeed decide to drop its benchmark rate.
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