The big number everyone's chasing today is [30-year yields hitting 19-year highs](https://www.cnbc.com/2026/08/18/mortgage-rates-treasury-bond-yields-consumer-loans.html), and here's the trap: banks look cheap on earnings multiples right now, but duration-sensitive liabilities are about to compress their net interest margins harder than Q3 earnings will show. $JPM posted net margins last cycle; $BAC and $C are at 14.7% and respectively.

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