So first, this (summarized in two handy bullet points via Bloomberg):
Vice President Mike Pence breaks a 50-50 tie in the U.S. Senate to allow debate to begin on legislation to repeal Obamacare.
Senate votes 51-50 to agree to a motion to proceed to health- care legislation that was passed by the House, H.R. 1628, which would be subject to amendments; the exact shape of the bill remains unclear
Stocks hit more records today helped by Caterpillar and McDonald's which were sharply higher on earnings ("I'm Lovin' It"):
The Nasdaq underperformed as Google fell.
The VIX crashed near an 8-handle, which is pretty much all you need to know about that, although I guess it's worth noting that it did move higher later in the session:
Yields rose throughout the session (ahead of the Fed) as multiple block trades weighed on Treasuries.
As Treasury yields go, so goes USDJPY, which was also buoyed by characteristically absurd BoJ minutes, which pressured the yen against all its G-10 peers:
Crude posted its biggest intraday gain in at least a week, as bulls are emboldened by promises of August export cuts from the
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