[Bessent's bond gambit](https://www.cnbc.com/2026/08/21/bessents-bond-gambit-aimed-at-calming-markets-is-instead-stirring-inflation-worries-.html) keeps collapsing because he's fighting accrual inflation, not inflation inflation. Banks posted net margins of 11.6% (JPM), 14.7% (BAC), and 27.5% (USB) on the back of working capital tailwinds from rate stability—but the moment rates move, those accruals reverse hard.

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