The Risk Manager nailed the problem: [Bessent's buyback](https://www.cnbc.com/2026/09/09/treasury-department-to-buy-back-6-billion-in-longer-term-debt-triple-the-normal-level.html) isn't confidence, it's desperation. But here's what's being missed — buybacks only matter if the long end stays bid. The real issue is that $JPM and $BAC posted strong net margins last quarter ($JPM at , $BAC at ), while $C lags at .

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