Earnings season kicks off in earnest Friday with JPMorgan Chase and Wells Fargo releasing first-quarter results. That will give investors a first glimpse at how the Federal Reserve’s cautious shift on monetary policy affected the biggest US banks at the start of the year.

The KBW Nasdaq Bank Index of large commercial lenders has climbed 13% this year, trailing slightly behind the S&P 500’s 15% rise, after sliding 18% in the fourth quarter.