Citigroup fell 1.1% to approximately $136.66 around midday Friday after its economists pushed the first expected Federal Reserve rate cut to June 2027, followed by three quarter-point cuts during the year. The bank's second-quarter results showed revenue rising 14% to $24.8 billion and net income jumping 45% to $5.8 billion, with net interest income up 13%. However, expenses increased 5% and net credit losses reached $2.4 billion. Citigroup now trades roughly 35.5% above its $100.89 tangible book value per share, signaling that the bargain-bin turnaround story is over.
Citigroup Inc.Citigroup's own economists now expect first Fed rate cut in June 2027, shifting rate-cut expectations and pressuring the stock.
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