Here's what nobody's pricing: the FDA clearance for Zyn + Trump's meatpacker subsidies aren't deregulation wins—they're signals that wage inflation is *real and sticky*, and the admin is trying to patch it with supply-side gimmicks. $HSY posted 8.6% net margin last year. $SYY? 3.1%. Both sit on razor-thin pricing leverage because they can't push prices into a consumer already choking on labor costs for food service and retail.

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