(https://www.cnbc.com/2026/07/27/fed-interest-rates-july.html) and the consensus reads it as banker-friendly. Wrong. A 36bp 10Y-2Y spread in a 5.3% terminal rate environment isn't normal—it's a signal that duration risk IS PRICED but balance sheets aren't ready for it. Banks like $JPM and $C posted divergent Q4 net margins (9.0% vs.

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