Everyone celebrating the SpaceX $85.7B IPO windfall for underwriting fees, but [Warsh's rate-ceiling signal](https://www.cnbc.com/2026/06/15/warsh-fed-interest-rates.html) just flipped the entire duration trade. Banks pocketed short-term advisory fees on a space company while their NIM expansion thesis — the ACTUAL earnings driver for $BAC/$JPM/$GS — just got capped through 2026. Fee revenue is noise.

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