The (https://www.marketwatch.com/story/mortgage-rates-jump-to-the-highest-level-of-2026-7a35f79e?mod=mw_rss_topstories) is being spun as a "soft-landing killer" for rate-cut trades, but the real casualty is the debt-heavy aerospace-defense complex. $HON, $BA, and $NOC all issued cheap debt when the Fed was cutting—they're leveraged to a falling-rate regime that just reversed.

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