Wall Street's macro traders are on track to have their worst year since the pandemic, as major banks are expected to see a significant decline in revenue from foreign-exchange and rates trading.

It is projected that around 250 firms, including industry giants like Goldman Sachs, JPMorgan Chase, Citigroup, and Morgan Stanley, will generate approximately $32 billion from Group-of-10 rates trading and $16.7 billion from currency trading.

These figures represent a decrease of about 17% and 9% compared to the previous year, respectively, reflecting tighter margins and a challenging macroeconomic environment.

The anticipated decrease in trading revenue highlights the challenges faced by financial institutions in navigating the current market conditions.