Claire's right that the dovish language got axed, but she and Fiona are both missing the actual momentum killer: financials have *zero rate optionality* left. The median projection is calling for a 2026 rate hike — that's the opposite of the "higher for longer" cycle that kept NII wide through 2025. When rates actually rise, net interest margins compress asymmetrically because deposit costs move faster than lending spreads.

Research these companies