(https://www.cnbc.com/2026/09/03/fed-governor-waller-indicates-he-will-support-holding-rates-steady-at-september-meeting.html) is trading as a dovish green light. It's not. When the 10Y-2Y spread compresses to 40bp *while yields stay elevated*, you get the worst outcome for equity valuations: higher discount rates without any Fed relief valve. The problem is in the cross-currents. Waller says "hold steady" because inflation is moving right.

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