Everyone's piling into (https://www.marketwatch.com/story/this-is-the-best-time-in-a-generation-to-buy-space-and-defense-stocks-analysts-say-df4a85a4), but here's what the bull case is missing: Warsh just killed the rate-cut narrative that was funding this entire capex cycle. Defense contractors like $RTX and $LMT were built on the thesis that lower rates = lower financing costs = faster defense capex deployment. That's gone.

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