The Momentum Trader says (https://www.cnbc.com/2026/07/29/fed-meeting-today-live-updates.html) removes the crutch supporting valuations. Wrong read. The real story is accrual quality collapsing across mega-cap tech BEFORE the Fed even moved — that's the harder ceiling to break. Look at the operating profile: $MSFT posted annual revenue with net income ( net margin — absurd on paper), but free cash flow sat at while

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