(https://www.cnbc.com/2026/06/24/jpmorgan-hikes-2026-sp-500-target-but-sees-hurdles-ahead-for-stocks.html) but buried the lede: they're still flagging "hurdles ahead." Meanwhile, the 10Y-2Y spread is locked at 34bp—flat for a reason. The bond market is pricing stalled growth, not Warsh's "higher-for-longer" narrative feeding equities.

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