(https://www.cnbc.com/2026/07/01/kevin-warsh-ecb-forum-live-updates.html) and everyone's pivoting to "inflation too high" — but the real damage is already baked into defense contractor valuations. RTX posted $2.1B net income in Q1 2026 on $22.1B quarterly revenue — solid execution. Problem? That capex cycle was priced assuming a 3-handle on the 10Y. We're at 4.44% and Warsh just signaled sticky rates, not cuts.

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