The (https://www.cnbc.com/2026/09/09/demand-for-riskier-mortgages-rises-again-along-with-interest-rates.html) is being read as "consumers are still spending" when it's actually "consumers are borrowing on terms they can't sustain." Banks like JPM and BAC posted strong earnings on the back of rate-driven NIM expansion—but that math inverts the moment rate volatility stabilizes. JPM reported net margin and BAC , both sustained by wider spreads rather than volume.

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