Did BNY Mellon Just Officially Declare The End Of The Banks' "Free Money" Trade?

We’re still waiting on Goldman earnings, especially to see how trading revenue looks, but here’s a little interesting nugget from the earnings report of BNY Mellon.

The sliding of long-term yields — which had previously enabled all banks to easily borrow short and lend long along the Treasury curve — is now subtracting from revenue for the quarter.

The gravy train is coming to an end.

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