Gerard Cassidy on the Moody's downgrade of U.S. banks

I'm not saying it's wrong. The timing seems very odd.  It's kind of late to the game...  If we really are going to see the Fed reach its terminal rate for fed funds, let's say in September, and there is no hard landing in the economy next year, then the banks are in really good shape.

~ Gerard Cassidy, RBC Capital Markets, CNBC interview, 0:55 mark, August 9, 2023