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The stock market was in party mode on Friday after Iran announced the Strait of Hormuz was open again. The development came as a massive relief to investors who had been fretting that a prolonged obstruction of energy flows could keep oil prices elevated and stoke a new bout of inflation. Now, things are looking up for the economy again, and Wall Street pros think that a lower risk of inflation clears the way for Federal Reserve rate cuts this year. “With the Strait of Hormuz now reopening, there’s renewed optimism that broader economic momentum can re?emerge,” said Charles Rinehart,…
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