Bank of America (BAC) reports August Master Trust net charge off 2.14% (prev. 2.11%); Total Delinquencies 1.28% (prev. 1.26% M/M)

The two lines here move together by small increments, which historically has been consistent with normalisation off unusually benign levels rather than the start of a deterioration phase; the distinction that matters is whether charge-offs are converging toward pre-pandemic norms or overshooting them. The worth watching set is the peer disclosures on the same monthly schedule, since synchronised drift across issuers has tended to signal a broad consumer trend while an isolated print points to portfolio mix. Also relevant is how these figures sit against the loss provisioning already taken in quarterly results, where banks in this position have typically guided credit as stable until delinquencies feed through with a lag. As a recurring data point rather than a surprise, single prints of this size have rarely repriced the issuer on their own.