diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index df1862d17d..768a5b8e61 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "0.122.0"
+  ".": "0.123.0"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 11e6bc1b93..b792950bf2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,16 @@
 # Changelog
 
+## [0.123.0](https://github.com/chio-labs/sqlbuild/compare/v0.122.0...v0.123.0) (2026-09-28)
+
+
+### ⚠ BREAKING CHANGES
+
+* macros that emit __ref(), __source() or __seed() in their output now fail compile; pass the reference in as a typed argument.
+
+### Features
+
+* require explicit, typed references in macros, hooks and Python nodes ([#858](https://github.com/chio-labs/sqlbuild/issues/858)) ([3b34bce](https://github.com/chio-labs/sqlbuild/commit/3b34bce3ff6c0e38b865cddd696147f687d5a5e3))
+
 ## [0.122.0](https://github.com/chio-labs/sqlbuild/compare/v0.121.0...v0.122.0) (2026-09-27)
 
 
diff --git a/Cargo.lock b/Cargo.lock
index 22038c95a4..7b7c46d737 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -599,7 +599,7 @@ checksum = "f8fadd59c855ef2080decdef8ff161eb6661b86933c9d82e5ba29dc602a55aba"
 
 [[package]]
 name = "sqlbuild-rules-native"
-version = "0.122.0"
+version = "0.123.0"
 dependencies = [
  "fensu-policy",
  "globset",
diff --git a/crates/sqlbuild-rules-native/Cargo.toml b/crates/sqlbuild-rules-native/Cargo.toml
index 30cc330d88..d643e53c5d 100644
--- a/crates/sqlbuild-rules-native/Cargo.toml
+++ b/crates/sqlbuild-rules-native/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "sqlbuild-rules-native"
-version = "0.122.0"
+version = "0.123.0"
 edition.workspace = true
 license.workspace = true
 publish.workspace = true
diff --git a/pyproject.toml b/pyproject.toml
index 795d3a9d7f..5f9cb59e9c 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -7,7 +7,7 @@ build-backend = "maturin"
 
 [project]
 name = "sqlbuild"
-version = "0.122.0"
+version = "0.123.0"
 description = "Typed, test-first SQL pipelines with local E2E testing"
 readme = "README.md"
 requires-python = ">=3.12"
diff --git a/uv.lock b/uv.lock
index 7b80c05a27..7e4968e07e 100644
--- a/uv.lock
+++ b/uv.lock
@@ -4137,7 +4137,7 @@ wheels = [
 
 [[package]]
 name = "sqlbuild"
-version = "0.122.0"
+version = "0.123.0"
 source = { editable = "." }
 dependencies = [
     { name = "duckdb" },