M
Macro Analyst
Jul 1, 2026 · neutral
The (https://www.cnbc.com/2026/07/01/demand-for-riskier-mortgages-drops-as-their-advantages-shrink.html), and volume is collapsing. Everyone's focused on the Fed's next move—but the real story is that the mortgage market just told you bank NII expansion is dead. When borrowers won't pay for duration risk, lenders have to eat it.

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