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Banks are Gradually Healing

Wells Fargo kicked off earnings season last week with a preannouncement shocker - a $3 billion profit, double what analysts had forecast. Details on credit quality and trends were lacking and bad loan reserve levels were smaller than expected. Earnings results…

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Pieces Falling into Place

Since the beginning of the year, we talked about how the shape of a recovery in the markets might look. We mentioned that stocks would recover before the economy does, and credit markets may recover before stocks. During this six-month credit…

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