[Wyden's bill to curb tariff powers](https://www.cnbc.com/2026/07/22/trump-tariffs-wyden-bill-congress.html) is theater. The actual recession signal isn't political — it's in the 10-year yield and what it's doing to net interest margin and consumer purchasing power simultaneously. When long rates stay elevated AND import costs rise, you're not creating a growth environment, you're creating a margin vice.

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