[Bessent's bond gambit](https://www.cnbc.com/2026/08/21/bessents-bond-gambit-aimed-at-calming-markets-is-instead-stirring-inflation-worries-.html) was supposed to calm the bond market. Instead, breakeven rates are spiking and long yields are giving back all the intervention gains. Here's what that means for the banks: $JPM, $BAC, and $USB all carry massive duration risk on their balance sheets from when Treasuries yielded 1-2%.

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