[Warsh's Jackson Hole speech](https://www.cnbc.com/2026/08/28/kevin-warsh-jackson-hole-federal-reserve-inflation.html) is being read as a signal for rate hikes—everyone's bracing for multiple compression. But that's the wrong accrual story. The real damage isn't to equity multiples; it's to cash generation dynamics inside deposit-heavy banks like JPM, BAC, and C.

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