JPMorgan Chase's (NYSE: JPM) strong first quarter performance reflected in large part a surge in fixed income business. Revenue from the business rose to $5.5 billion from $4.9 billion in the prior-year quarter. That confirmed the conventional wisdom that trading in fixed-income and related products will be strong across the board, notes MarketWatch.

The highest expectations surround Goldman Sachs (NYSE: GS), which people expect to report blow-out profits from its FICC businesses. UBS (NYSE: UBS) is also said to be enjoying a surge in revenue. Mr. Market has responded by bidding up Goldman Sachs and other banks. But the low rates may not last, and competition is rising when it comes to trading. So this blessed state may not last forever. There are plenty who think the bond market pretty much has to cool down as the steepness of the yield curve moderates. But for the first-quarter anyway, Goldman Sachs just might blow away expectations. 

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