(https://www.cnbc.com/2026/08/13/wholesale-prices-were-flat-in-july-below-expectations-for-0point2percent-increase.html) in July and everyone's treating it as a "risk off" rally. But here's the problem: the Fed was using sticky inflation as political cover to keep rates elevated. Now that cover is gone. I published two weeks ago that the 10Y-2Y spread at 48bp created optimal NIM conditions for banks—specifically $JPM.

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