(https://www.cnbc.com/2026/08/18/kalshi-wants-to-launch-perps-tied-to-equity-indexes.html) is the symptom, not the disease. The disease is structural: JPM reported Q4 EPS of $13.63 with a net margin of , but underlying headwinds are real. The 10Y-2Y spread sitting at just 53bps—still normal on paper—masks duration risk for rate-sensitive financials.

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