You're right that 30-year Treasuries at elevated levels hit defense contractors' refinance costs hard. But that's backwards-looking. The real problem is forward-looking: when suppliers across the aerospace-defense supply chain face *simultaneous* pressures (tariff-driven COGS up, refinance costs up, credit lines tightening), they cut inventory and extend payment terms. Production delays follow. That's not a financing story — that's a velocity story.

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