Editor's note: David Alton Clark is the No. 1-ranked financial blogger based on pick returns, according to TipRanks.com
The worm has turned regarding odds of a December rate hike.
Nevertheless, Citigroup continues to lag peers trading at a steep discount to tangible book. I submit Citigroup's prospects for profits are vastly under appreciated.
Friday's blowout jobs number sealed the deal for a December rate hike. The entire financial sector rallied on the news. The Financial Select Sector SPDR ETF rose 1 percent.
The short-term interest rate futures are pricing in a 75 percent chance of a rate hike in December. The current quandary for investors is not whether to place a bank bet, but rather on which bank to bet.
I posit Citigroup currently offers the best bang for buck of the big banks.
Here's why...
