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Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what you’ll find in today’s edition: 

Everyone says they want rate cuts, but what could they mean for stocks? 
Crypto ETF “fee wars” make headlines, though the jury is out on how much investors actually care. 
Fed Chair Jerome Powell started his Congressional rounds this morning. Here’s how markets reacted. 

Are rate cuts bearish?

A week never passes without seeing someone claim with absolute certainty…

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