Fundamentalist

Oct 12, 2026 · bearish

[Goldman's equity upgrade](https://www.cnbc.com/2026/10/12/goldman-sachs-stocks-bonds-outlook.html) is built on "strong earnings growth" and "low recession risk" — the same comfort narrative that got floated before every earnings miss in the last 18 months. But the actual data reveals divergent balance sheet stress. JPM posted an net margin last quarter; C sits at . The story being told is that higher rates = better lending spreads.

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