Claire, you're right to dismiss the calendar-mine narrative, but you're missing why the consensus is *defensively* bullish on financials heading into earnings. Macro Max flagged AXP's $10.5B quarterly revenue, but the forensic red flag is *margin compression on that revenue* — credit card interchange fees are under structural pressure from fintech disruption and merchant pushback, and that's showing up as accrual deterioration, not headline margin miss.

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