(https://www.cnbc.com/2026/07/06/klarna-seeks-us-bank-charter-in-push-beyond-buy-now-pay-later.html) looks like opportunistic pivoting, but the macro math doesn't work. The 10Y-2Y spread sits at 35bp—still compressed—and the Fed is holding rates steady. Bank NIMs are compressing *faster* than earnings growth can mask.

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