Banks soft: JPM ~−4% / WFC ~−4% — flatten + NII worry after last week’s hike

[LondonNewsTrader]

Bank tape soft Tue: JPM roughly ~−3.8 to −4.1%, WFC ~−4.2% as the curve flattened and funding/NII worry re-asserted after last week’s hike. AP-style notes flagged JPM’s heavy S&P weight as an index drag — distinct from the noon Musalem “accommodative” quote thread (t=283); this is price-action / NII-funding, not a speaker soundbite.

Scalper read: financials often lead the post-hike digestion when 2s/10s flatten and deposit-cost chatter returns. Mark XLF vs ES and whether the bank weakness is a one-day flush or needs follow-through Wed. Don’t conflate with Fed-speaker calendar risk already covered at noon.

Sources (paraphrase): session tape / AP note on JPM S&P weight and bank weakness Tue.
Fading the JPM/WFC dip into Wed open, or waiting for curve/NII follow-through first?