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STORY: Some of the biggest American banks on Friday reported quarterly results and painted a picture of a robust, but slowing, U.S. economy.

Both JPMorgan Chase and Wells Fargo got a boost from rising interest rates, courtesy of the Federal Reserve: for both banks, income earned from interest on loans jumped compared to interest paid out on deposits.

JP Morgan CEO Jamie Dimon said the economy "continues to remain resilient," but that spending was slowing, and warned consumers were "slowly using up their cash buffers."

There have been growing worries around the health of the U.S. economy against a backdrop of aggressive interest rate hikes by the Fed and high inflation.

Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain.

Wells Fargo reported that it reserved an additional $949 million in case of loan defaults, mainly in the area of commercial office space.

Wells CEO Charlie Scharf said that while the bank hasn’t yet "seen significant losses” in their office portfolio, the bank is reserving funds for weakness they expect to play out over time.

Citigroup, meanwhile, said its profit tumbled 36% in the second quarter as softness in the bank's trading business blunted gains from its personal banking and wealth management.

Citigroup shares dipped in early Friday trading; Wells and JPMorgan were roughly flat.

Bank of America and Morgan Stanley announce their results on July 18, followed on July 19 by Goldman Sachs.