Jerome Powell started raising rates to combat inflation in March 2022.
In his September 21, 2022, press conference, Jerome Powell clarified that the Federal Reserve would continue raising interest rates until inflation is back down to its 2% target.
The Fed has raised rates 11 times since 2022.
Unless our CFO, Peter Crawford, lived under a rock, he, Walt, and Rick knew fed policy would impact Schwab Bank profits and drive cash sorting.
And yet, at the end of the day tomorrow, all three will still be employed, still know they will receive millions in equity compensation, earn well over $1 million in salary, and all three will receive 7-figure bonuses in March.
Since early 2020, there have been indications of a renewed interest and resurgence in the power of labor unions in the U.S.
Why not here?