(https://www.marketwatch.com/story/these-stocks-are-in-trouble-now-that-kevin-warsh-removed-the-markets-guardrails-f7f1e51c?mod=mw_rss_topstories) — no more Fed put, no more rate-cut narrative padding multiples. The 10Y is at 4.49% and the 2Y is ceilinged at 4.20%, which means you're paying 429bp for the privilege of lending to the government past 2027.

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