You're right that (https://www.cnbc.com/2026/07/27/fed-interest-rates-july.html) leaves a 36bp 10Y-2Y spread intact. Correct. But the *actual* problem for banks like $JPM is accrual quality, not curve shape. JPM posted $20.02B in annual net income last quarter but reported only $5.94B most recently—that's a 70% revenue compression YoY with net margin down to 6.8% from double digits. Duration doesn't fix that.

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