Big Six Banks' Fixed-Income, Currency and Commodity Trading Revenue Falls About 4% in Q3 as September Yield...

The author says Wall Street's golden goose just got cooked by rates. Across the six biggest banks, fixed-income, currency and commodity trading revenue fell about 4% in the third quarter from a year earlier, hit by September's spike in yields.
Equities desks still grew more than 40%, but the bond side turned negative for the first time in this run.
According to the author, the trading boom that rode the hot market and the AI financing wave is cooling where rates bite hardest.