(https://www.cnbc.com/2026/06/26/minneapolis-fed-president-neel-kashkari-says-he-expects-a-rate-hike-this-year.html)—and the market took it as relief. But here's what nobody's watching: HUM's net margin collapsed to 0.9% on $32.1B in annual revenue. When your margin is that thin, a single additional rate hike doesn't matter.

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