Bittersweet: American banks reveal the impact of interest-rate rises so far.

The article offers economics news briefs. Investors expected the Federal Reserve to raise interest rates to just 0.75 percentage by the end of the year. Expectations have shifted dramatically since: by late June markets were expecting rates to hit 3.5% by the end of 2022. This change in expectations is far bigger than the actual move in interest rates, which have climbed by 1.5 percentage points.