US banks earn more than expected

Strong quarterly profits at American banks boosted confidence that the US economy is headed for a soft landing.

Executives at JPMorgan Chase and Bank of America said consumers continue to spend at a healthy clip, bucking concerns that inflation and high levels of debt might be squeezing households.

Goldman Sachs, which caters to Wall Street rather than Main Street, reported $3 billion in third-quarter profits despite a slowdown in corporate mergers. Economically, “the world is trending to above average,” a Goldman executive said. A new survey of fund managers found them more optimistic than they have been in years, selling bonds and buying stocks — generally a bullish sign.