For Wall Street, Worsening Economy Is a Problem for Later (2)

Bank executives’ commentary over the past week made clear they’re worried about where the economy is headed, but their first-quarter results showed little concern.

The six biggest US banks bought back roughly $22 billion of stock in the quarter, a jump of more than 60% from a year earlier. And the group added a collective $1.2 billion to their loan-loss reserves, less than the typical quarter over the past three years.

Such is the dynamic for a quarter in which the “animal spirits” unleashed by President Donald Trump’s election in November collided with the volatility around his policy announcements. The ...