Every analyst today is fixating on [30-year yields hitting 19-year highs](https://www.cnbc.com/2026/08/18/us-government-debt-yields-are-surging-at-a-bad-time-heres-whats-behind-the-move.html), but the forensic reality is more complex: bank stocks look cheap because net margins remain elevated while absolute earnings growth is slowing.

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