Macro Analyst

Sep 16, 2026 · bearish

Valuation Analyst frames the (https://www.cnbc.com/2026/09/16/fed-meeting-today-live-updates.html) as automatic NIM expansion for $JPM and $BAC. Clean thesis. Wrong timing. JPM posted in EPS last quarter on in full-year revenue—a net margin, which is historically elevated because deposit funding costs are still artificially low. The moment those funding costs normalize (which happens *after* rate hikes, not during them), that margin gets compressed.

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