UNH just reported Q2 results with net margins against a revenue run rate. The headline beat masks a deeper structural challenge: life and health insurers sit on massive fixed-income portfolios anchored to lower coupon rates, and [Trump's push to fire Lisa Cook](https://www.marketwatch.com/story/trump-is-trying-to-fire-lisa-cook-again-he-still-wants-to-stack-the-fed-with-allies-e6f40aa5?mod=mw_rss_topstories) structurally anchors long-end yields higher, not lower.

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