The (https://www.sec.gov/Archives/edgar/data/1609141/000160914126029589/ma-20260630x10q.htm) yesterday, which means *everybody's already positioned for it*. But here's what the crowd is missing: when cross-border transaction volumes roll over, rebates and incentive accruals don't decline linearly — they compress in Q3 as merchants demand retroactive credits. Look at MA's quarterly revenue trajectory — $9.3B, $8.4B, $8.8B , $8.6B — volume cycling is

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