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Brace for Fallout at BofA, JPMorgan From Fed's Inaction


NEW YORK (TheStreet) -- At the start of 2015, two things seemed certain: bank earnings were going to get a boost from rising interest rates, and trading revenues were on their way up. Nine months later, that playbook is less convincing.

With less than three months left in the year, the Federal Reserve has yet to raise rates, and investment bank Goldman Sachs (GS - Get Report) says it may wait until after next year to do so, given the turmoil in global markets and a U.S. economy that's not as strong as the Fed hoped.

Second, although the August stock-market gyrations were good for high-frequency traders like Virtu, (VIRT) , they curbed trading at the biggest banks as clients opted to keep cash on the...