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• Today’s FOMC meeting was a hawkish hold that included three dissents for a hike; the first meeting since September 2016 with three hawkish dissents against a hold.
• In response to the FOMC, the 10y yield rose by the most since May 2025 and hit the highest level since July 2007.
•  Crude oil inventories remain historically muted with stockpiles excluding strategic reserves falling to the lowest levels since 2018.

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