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Fed Gives Modest Upgrade to US Economy

The Fed's statement contained a modest upgrade to the economy: "labor market conditions have improved further" (from "some further improvement" in the last statement)

Recent increases in oil and gas prices "will push up inflation temporarily"

Inflation has been subdued in recent month "although prices of crude oil and gasoline have increased lately"

Stocks moved to the highs of the day, the dollar moved up slightly, commodities dropped, and most importantly the 10-yr Treasury yield near 2.08 percent, if it closes here would be highest since October 31.

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