US banks are bracing for a challenging few months and years. The Federal Reserve Bank of Minneapolis, in its latest assessment, anticipates 18 months of rolling lockdowns as the economy opens and closes, before a full recovery from the Covid-19 pandemic may even begin. On top of that, there is the challenge of the November US presidential and congressional elections, with the prospect of a much bigger swing of the pendulum than usual if Joe Biden, the Democratic presidential candidate and former Obama administration vice-president, replaces Republican president Donald Trump in the White House. Mr Biden's administration is likely to put an end to deregulation in both banking and the environment.
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