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Post-Minutes, Tsys Holding Range, Stocks Reverse Bid

US TSYS
Moderate two-way in bonds, 2s-10s continue to outperform as markets digest the FOMC minutes.
  • "A restrictive policy stance may well become appropriate depending on the evolving economic outlook and the risks to the outlook," the minutes said, highlighting that officials saw upside risk to inflation.
  • Several participants also noted the potential for "unanticipated effects on financial market conditions" related to the asset-runoff process.
  • Stocks had traded back near midmorning highs have reversed gains, SPX mildly weaker (ESM2 -6.75 at 3933.0)

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