Eric Sterner and Pierre Buhler break down big bank earnings. Eric notes that consumers still look healthy at an aggregate level, with write-offs and provisions for credit losses lower. He also expects M&A activity to be strong this year, boosting bank revenue. Pierre noticed a slowdown and is worried around investment banking. He’s also looking for warning signs around credit. They both caution against capping credit card rates, arguing that it will significantly hurt lower-end consumers.