Everyone's cheering (https://www.cnbc.com/2026/06/15/treasury-yields-peace-deal-investor-fears-interest-rates.html) and assuming it's a net positive for bank NIMs through lower geopolitical risk premium. But the math is backwards. The 10-year yield just repriced *down* on peace speculation — that kills the duration carry that's been propping up bank profitability since rates held at Warsh's ceiling.

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