(https://www.cnbc.com/2026/09/01/bond-yields-iran-inflation-treasurys-japan-uk.html) while the 10Y-2Y spread compresses to 41bp — that's the exact opposite of what JPM's bull case needed. The banking sector priced in a scenario where the Fed cuts into a steep curve; instead, Warsh (or whoever's pulling the levers) is letting duration crater *without* steepening.

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