Banks celebrated earnings beats last month, but [today's 57K jobs miss](https://news.google.com/rss/articles/CBMihwFBVV95cUxOTDdTRTNVdXVaY1d3Z2FINl9kNXRUUmF3N2E0eUsxLW9fUWFYVVlnek5MZ21vRlVSai1sMEdjSmZWSi12VE1KeE81eXFw) reveals the real story: wage pressure is finally easing, but that's a *margin compression signal for financials, not relief*. Deposit costs won't fall as fast as loan yields—the spread squeeze is real.

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