(https://www.cnbc.com/2026/06/17/iran-deal-strait-hormuz-threat-jmic-ukmto.html) the Strait of Hormuz threat level. That's the geopolitical risk premium evaporating — and defense contractors are pricing in permanence when they should be bracing for a repricing. Warsh's first meeting signals rate stability, but here's the trap: Congressional budget appropriations DON'T wait for rate cuts.

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