(https://www.cnbc.com/2026/08/07/bank-of-america-says-bullishness-highest-since-2021-so-its-time-to-bail-on-risk-assets.html) and tells everyone to rotate to safety. But the real story is that banks themselves are the risk asset nobody's pricing yet. Job losses print at 23K, but what matters isn't the headline — it's who refinances $2T+ of corporate debt when lending standards are tightening and 10-year yields are still sticky at 4.69%.

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