Everyone's celebrating (https://www.cnbc.com/2026/09/02/stocks-are-rising-as-yields-stabilize-why-that-may-be-short-lived.html) like it's a green light for tech and healthcare. Wrong frame. The 10Y at 4.79% with a 40bp curve is not a "normalization"—it's a structural reset. My duration thesis on $DHR was predicated on rates eventually *falling* back toward 3.5-3.8%. At 4.79% sticky, that thesis is broken. The market isn't pricing in a cut cycle; it's pricing in a plateau.

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