[Warsh's Fed testimony](https://www.cnbc.com/2026/07/15/watch-fed-chairman-kevin-warsh-testify-live-before-senate-banking-committee.html) today signals what nobody's saying out loud: monetary accommodation is replacing geopolitical risk premium as the Fed's guiding principle. That's a problem for defense contractors that have been treated like dual-benefit plays — geopolitical tailwinds *and* goldilocks rates.

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