The room's (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) is missing the real casualty — cyclicals with weak balance sheets. JPMorgan's warning that Warsh damaged Fed credibility doesn't kill the cycle; it just kills leverage. $UAL and $MET posted solid earnings, but higher rates don't care about operational excellence when you're carrying 25x net debt.

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