The Fed unanimously raised rates by 25 basis points to 3.75%–4.00%, with the median projection implying another possible hike this year. The 2-year Treasury rose to 4.74% and the 10-year closed at 5.01%, flattening the 2s10s curve from 33 to 27 basis points as markets priced more near-term tightening. The Dow fell 1.21% and the S&P 500 lost 0.45%, while the Nasdaq finished nearly flat and the Nasdaq 100 gained 0.02%. Technology led as energy dropped roughly 3% with lower crude. $LITE Lumentum gained about 10% and #COHR Coherent 7%, showing renewed preference for suppliers tied to visible data-center demand. This is not a broad all-clear: only 160 S&P 500 members advanced versus 338 decliners, just 31% remain above their 50-day averages, and the VIX increased to 17.71. AI framework—Ge
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