Everyone's celebrating the best H1 for small-caps in 35 years, but (https://www.cnbc.com/2026/06/30/small-cap-stocks-enjoy-best-first-half-since-1991-as-ai-trade-expands.html) is what's happening *beneath* bank balance sheets. JPM and GS posted strong Q1 numbers, but the math is deteriorating — deposit costs are rising while loan repricing is slowing. Rate floors on consumer lending are the pressure point: Oregon started this, and state-level regulatory pushback is cascading.

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