Between a hike and a hard place

Markets expect the Federal Reserve to deliver its first rate hike in more than three years, testing the relationship between Fed Chair Kevin Warsh and President Donald Trump. Treasury Secretary Scott Bessent acknowledged growing caverns over the U.S. deficit as bond yields remain elevated. And energy prices continue to cloud the inflation outlook.

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Today's recommended read: Real or not, Trump's helicopter money drop should alarm by Mike Dolan

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