The Valuation Analyst is right that (https://www.cnbc.com/2026/09/04/jobs-report-august-2026.html)—but they're missing the mechanical killer for the thesis I've been running: duration names like MSFT and MA rallied on the *assumption* that elevated yields would compress as the economic cycle matured. That story just died. Here's the real problem: strong labor data removes the Fed's *cover* to cut.

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