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Post-FOMC Minutes Update, Extending Lows/Bounce Again

  • Treasury futures extended lows as participants continue to digest more hawkish minutes than anticipated as most policymakers see upside risk to inflation.
  • Sporadic buying reported, however, while WSJ economist Timiraos writes "Some Fed Officials Are Turning Cautious about Raising Rates Too High".
  • Cross asset: stocks seeing similar two-way trade, SPX eminis still weaker but off lows: ESU3 -5.0 at 4449.0.

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