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Better than expected bank earnings show that the U.S. economy is still going strong.

Plus, how frustrated shoppers are dealing with grocery prices that just keep rising.

And as countries back off their EV targets, what does that mean for automakers?

Many people still see EVs as the future in the industry, but it's a future which will arrive a bit later

than previously anticipated. It's Wednesday, October 15th. I'm Alex Oslo for the Wall Street

Journal. This is the PM edition of What's News, the top headlines and business stories

that move the world today.

On yesterday's show, we told you that a handful of big U.S. banks had reported better than expected earnings for the third quarter.

Today, Bank of America said its profit rose 23% to $8.5 billion, thanks to healthy consumer

activity and a busy summer in its investment banking division. As a group, the six largest

banks in the U.S. earned nearly $41 billion in the last three months, up 19% from a year ago.

Banks are viewed as barometers for the broader economy because they see

details of the financial health of millions of American households and companies. In earnings

calls this week, executives pointed out signs of strength. We do see in our data that the consumer

spending more. That was Bank of America Finance Chief Alistair Borthwick, talking about consumers putting more on their credit and debit cards.

...