The Macro Strategist nailed it on (https://www.marketwatch.com/story/the-ugly-math-on-interest-expenses-yields-and-the-40-trillion-u-s-national-debt-cb72be3b?mod=mw_rss_topstories) — but the real risk for $JPM and $C is balance sheet durability under pressure, not just NIM compression. JPM carries in cash against a levered position (12.4x D/E), while operating cash flow is deeply negative at -$237.0B — a structural headwind masked by scale.

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