The country’s biggest banks said American consumers appeared to be on steadier financial footing in the third quarter, with executives suggesting the economy has either reached or neared a soft landing.

JPMorgan Chase (), Bank of America (), Citigroup () and Wells Fargo () said consumers continued to spend and borrow at a healthy clip, helped by a resilient job market and wage growth that has outpaced inflation. The banks appeared more confident than in previous quarters that the trend would hold up against still-elevated interest rates and several years of price increases.

Still, there were signs that growth has cooled. Executives said people with lower incomes or credit scores were still under pressure from high prices for staples like food and high costs to borrow on credit cards, but that slower inflation and lower rates may help. The Federal Reserve cut interest rates just before the end of the third quarter.

Here are three takeaways from big banks’ earnings.

1. Consumers are still spending

Bank of America said Tuesday that consumer spending rose from a year ago, in line with results from JPMorgan Chase and Wells Fargo. At Citi, spending is still growing “at a moderate pace,” Chief Financial Officer Mark Mason said.

“Consumers are broadly healthy and resilient, but more cautious,” he said.

Mason said higher-income consumers are driving most of the growth, while middle-income households are “being more selective” about spending and lower-income consumers are feeling pressure.

Total payments at Bank of America—which includes credit, debit, cash, checks and other transactions—were up year-over-year.

Brian Moynihan, the bank’s chief executive, said those results aren’t at odds with the fact that “consumers are wary of the cost of living, worried about higher rates and other matters.”

“But overall, activity is fine,” he said.

Consumers have shifted away from splurges like travel and entertainment lately toward necessities like food and gasoline. But that could reflect a return to normal from the quarters after the pandemic, when consumers spent big on cruises and dinners, JPMorgan Chief Financial Officer Jeremy Barnum said Friday.

2. Borrowing is up for credit cards, mixed for mortgages

Consumers have continued to borrow on credit cards and paid them off at a slower pace, a sign some households are under pressure.

There were signs more borrowers at JPMorgan carried balances from month-to-month in the third quarter, with credit-card loans rising more than purchase volumes. At Bank of America and Wells Fargo, loans rose at around the same pace as volumes.

More have also fallen behind. JPMorgan, Bank of America and Wells Fargo all charged off more loans in the third quarter than in the year-earlier period, including in their credit-card businesses.

Lower rates have failed to bring a big revival in the beaten-down real-estate market. But there were signs the market may have started to thaw some.

Mortgage originations were down from a year earlier at Bank of America and Wells Fargo, which announced last year it would pull back in that space. But originations rose nearly 4% at JPMorgan.

Mortgage rates have been on the rise recently but are still down nearly a percentage point from earlier this year.

3. The chase for yields is slowing

Customers continued moving their deposits to products such as Treasurys and money-market funds in search of higher yields during the third quarter. Banks have had to pay more to get deposits and keep them around, dragging on their profits.

But JPMorgan Chase and Wells Fargo said they are already seeing a slowdown in that migration.

JPMorgan finance chief Barnum said the bank expects that pressure has peaked when it comes to certificates of deposits, but that rates are unlikely to go back to zero. That should ease further as rates go down, though, he said.

“We’re seeing a lot less yield-seeking behavior,” he said.