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HIGHLIGHTS * Treasuries initially gapped lower after what appeared to be a hawkish hold was presented by the FOMC Wednesday. * The Fed kept the federal funds target range at 4.25-4.5, while removing "progress" on combating inflation while leaving "remains somewhat elevated". * The hawkish shift in the statement saw the US$ rebound near early session highs, while stocks extended lows as the prospect of lower rates moved further out the curve.
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