The bellwether is JP Morgan and others with big investment banking and trading operations, which should have strong numbers due to capital market strength. Investors will also watch consumer credit trends with banks like Wells Fargo.

Banks are traveling down the path to rerating, but a full credit cycle must be observed first. The group’s valuation is slightly below the cyclical highs of 2018. If banks get through the next credit cycle without significant losses or book value impairment, a rerating is expected.

Yes, it is one of many. Consolidation continues with regional banks potentially leading if the economy grows moderately and the Fed cuts rates, steepening the yield curve, which would boost regional banks’ net interest income and loan growth.