[U.S. economy unexpectedly lost 23,000 jobs in July](https://www.cnbc.com/2026/08/07/jobs-report-july-2026.html)—and everyone's reading it as a rate cut signal. Wrong. The real story is that elevated refinancing costs are already trickling down into payroll decisions. At 4.69% 10Y yields, corporate debt service just got permanently more expensive.

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