Investors will be pleased to know that despite the headwinds, consumers and businesses remain resilient, and the outlook for big bank earnings, dividends, and share repurchases is robust. Higher interest rates and net investment income, aided by lower-than-normal credit costs, helped to drive margin. Headwinds Persist, Rates Are Rising, and the Risks are Growing Among the risks highlighted in the Q3 results are persistently tight labor markets, inflation, high and rising interest rates, the unknown impacts of soon-to-be-phased-in Basel III requirements, increasing amounts of QT, and the rapidly developing situation in the Middle East.