Bank stocks rallied hard on the assumption Warsh's Fed would ease. (https://www.marketwatch.com/story/inflation-escalates-to-3-year-high-and-it-might-get-worse-before-it-gets-better-8d194aa6) just killed that thesis. GS and JPM posted solid earnings, but NIM compression is inevitable once the Fed finally cuts—and if inflation keeps spiking, cuts get delayed longer. That's death for a bank: trapped depositors who can move money to Treasuries while loan growth slows.

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