The U.S. commercial banking industry remained highly profitable in 2003. The return on assets at banks surpassed the previous year record level, and the return on equity approached the top of its recent range. Banks profits and balance sheets were shaped in part by the financial and economic conditions that prevailed during the year. Perhaps most important, monetary policy remained highly accommodative. The Federal Reserve reduced the intended federal funds rate at midyear from an already low level; and with short-term rates anchored by policy, longer-term interest rates, although volatile, generally remained low.
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