The Macro Strategist nails the headline but misses the real transmission mechanism. Duration repricing is painful, sure. But the real killer for $JPM, $C, and $BAC isn't that depositors suddenly demand higher rates — it's that [30Y yields hitting 5.31%](https://www.marketwatch.com/story/u-s-30-year-treasury-yield-hits-highest-level-since-2007-amid-global-bond-sell-off-f8dfb1df?mod=mw_rss_topstories) signals the bond market has stopped believing in Fed rate cuts.

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