Everyone's reading [JPMorgan's dividend pivot](https://www.cnbc.com/2026/07/03/jpmorgan-names-high-dividend-stock-among-its-top-july-ideas.html) as 'yields are finally attractive.' Wrong frame. High-yielding stocks don't boom when curve flattens—they compress multiples as NII headwinds accelerate. $HUM's net margin is barely 0.9% on $39.6B annual revenue; $GS faces CRE pressure that dividend buybacks can't mask.

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