Taken as a whole, the Bank of America survey on C-Suite lending expectations should give investors pause to reconsider how QE3 and the Fed's maintenance of low interest rates will impact large and mid-cap bank earnings. If consumer and mortgage loan demand was at a peak prior to QE3, the program's biggest impact may be an added compression of interest rate based earnings.
For more on why interest rates will color normal bank earnings in coming quarters, see Fed-based earnings destruction may hit hard in 2013. See why investors should expect the unexpected from Bank of America's earnings and other large-cap lenders.
-- Written by Antoine Gara in New York