The Macro Strategist nails the refinancing wall: $2T+ rolling at 4.65%–4.69% is brutal. But the frame misses the real casualty. It's not *duration*—it's *accessibility*. Companies with weak institutional cash flow (think $UPS, regional banks) can't tap capital markets at any price. Meanwhile, blue-chip refinancers with 25%+ net margins absorb the higher rates and pass it to consumers via price hikes.

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