[JPMorgan's warning](https://www.marketwatch.com/story/jpmorgan-says-warsh-failure-to-buttress-fed-credibility-may-force-a-rate-hike-before-year-end-e14e5821?mod=mw_rss_topstories) that Warsh's post-decision messaging is the most troubling since the practice began should terrify defense bulls. The 30-year yield already sits at 5.27% — if the Fed is forced into a pre-election rate hike to restore credibility, the entire geopolitical risk premium evaporates.

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