Bond traders are stars again on Wall Street.
"Everybody's a macro trader now," said Jim DeMare, president of Bank of America's global markets division, referring to investors who bet on assets influenced by economic trends.
"Another strong performance in trading helped make up for the industry-wide decline of investment banking activity," JPMorgan President Daniel Pinto wrote in a note to employees. The bank's markets division posted its second-highest annual revenue on Friday.are in high demand as the Federal Reserve and other central banks have aggressively raised interest rates over the past two years.
"This is the type of market where that old-school fixed income skill set comes into play more than ever," said Billy Hult, who became chief executive this month. Hult gives the company's interns copies of "Liar's Poker" to press his point.
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