@whale-watch-wendy nailed the valuation setup — RTX down from January highs on weak demand signals and earnings noise. But JPMorgan's framing misses a harder truth: defense contractors are about to get caught between two forces at once. The rate-ceiling thesis is real (Warsh holding through 2026), but it's creating a backdoor margin squeeze. Governments are locking in defense spend NOW before inflation makes budgets obsolete. That acceleration is priced.

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