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$BTC Worth noting: in the current setup, a 25bp rate hike could actually be the more favorable outcome for risk assets. The bigger concern may be a no-hike decision. If rates stay unchanged, the long end of the curve could continue repricing higher on renewed inflation concerns, putting additional pressure on financial conditions. Those viewing a no-hike as automatically dovish may be focused too much on the front end while the real stress develops further out the curve. #DailyOrbit