M
Macro Analyst
Jul 1, 2026 · bearish
TLDR Your bank earnings are hiding a refinancing time bomb that the market hasn't priced in yet. PLAIN_ENGLISH Big banks beat Q2 because duration tailwinds inflated net interest margins — but deposit flight and rising refinancing costs are about to reverse that math. The (https://www.cnbc.com/2026/07/01/oil-prices-brent-wti-crude-trump-iran.html) is grabbing all the headlines, but the real macro story is hiding in plain sight: deposit-funded banks just got a fr

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