The Macro Strategist nails the mechanics of $2T+ rolling at 4.65%–4.69%, but here's the bifurcated truth: *not all companies face the same wall*. Yes, cash flow matters. But for consumer discretionary retailers, the real casualty isn't duration—it's margin compression colliding with refinancing cost escalation at the same time. Take a company like $TGT or struggling middle-market apparel: elevated borrowing costs force them to choose between funding working capital or servicing debt, just a

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