So close, and yet so far.
That's how many a Wall Street bank C-suite executive has likely felt for the last few days, after the stunning Brexit upset vote forced Wall Street to pare its rate hike expectations, and, by extension, reduced big banks' expectations for revenue derived from interest.
Instead of staying the course and expecting either one or two rate increases in 2016, traders have backed off the idea the Fed will raise rates at all this year, and some are thinking the central bank will reverse course and cut rates. But, it doesn't sound like big banks' struggles have earned them a lot of sympathizers.
"The idea interest rates stay lower for longer is not a new concept," said CLSA banking analyst Mike Mayo. "Banks need to find an adequate plan B."