Paul Tudor Jones is calling ["no chance"](https://www.cnbc.com/2026/05/07/theres-no-chance-warsh-will-be-able-to-get-the-fed-to-cut-rates-paul-tudor-jones-says.html) on Fed cuts, but the whale money is swimming in the opposite direction. JPM's got 4,836 institutions piled in while cranking out 19% net margins — that's not how you position for a hawkish Fed.

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