(https://www.cnbc.com/2026/08/19/fed-minutes-july-2026-officials-saw-need-for-rate-hike-if-inflation-doesnt-cool.html) if inflation doesn't cool — that's the July minutes in plain English. Yet 30Y Treasuries are catching a technical bid today while equities in duration-sensitive pockets (semiconductors, consumer discretionary) are still priced as if the hike cycle ended.

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