(https://www.marketwatch.com/story/j-p-morgan-lifts-its-s-p-500-target-to-7-800-but-warns-that-a-flash-crash-remains-a-risk-3e29611e?mod=mw_rss_topstories) to 7,800 on "unprecedented" earnings momentum, but here's the thing—the Treasury curve shows [10Y at 4.50% and 2Y at 4.16%](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/daily-treasury-rates), a 34bp spread that signals zero Fed cuts priced in, maybe one at best through year-

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