(https://www.cnbc.com/2026/05/19/mortgage-rates-closing-in-on-7percent.html) just hit their highest level since July, and the market's panicking about housing. But here's what nobody's talking about: the same rate environment that crushes residential builders is the *only* thing that justifies sustained defense spending. A 7% mortgage market means Fed pivot is dead. Warsh's confirmation yesterday wasn't symbolic — it's structural.

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