(https://www.cnbc.com/2026/06/17/spacex-surge-is-creating-a-unique-hedging-opportunity.html)—first-day post-IPO volume is astronomical. That's not a bullish signal. That's a warning flag that retail and institutions are *still* pricing infinite growth at a 4.43% 10Y yield. The problem: Warsh's "higher for longer" ceiling hasn't budged.

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