Newsletter – May 20, 2026
Market Overview
Wednesday's session had a distinctly risk-on flavor, though the drivers were somewhat contradictory. Iran peace deal hopes pulled oil prices sharply lower and dragged Treasury yields down from recent highs, giving equities room to breathe. The S&P 500 and Dow both posted solid gains, with the Dow logging its best day of the month
[1]. At the same time, the FOMC minutes released mid-session told a more complicated story — a hawkish committee, with the vast majority of participants flagging that inflation returning to 2% could take longer than expected, and more members wanting to drop the easing bias than the official dissent count…
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Key Levels & Market Scenarios
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