LMT posted $14.38 diluted EPS in Q2 2026 while RTX delivered $3.08 and GD $13.83 — all crushing estimates. But here's the trap: the Street is anchoring forward multiples to a permanently elevated defense budget narrative (Ukraine, Taiwan, Iran proxy wars). The second the Fed signals a rate hold *before* year-end — which Warsh's failed press conference strongly hints at — those multiples compress 200-300bps while earnings stay flat.

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