Ajay Thomas in The Bond Buyer

Investors Wednesday also received the minutes from the June meeting of the Federal Open Market Committee.

The minutes were "dissected pretty carefully," said Ajay Thomas, head of public finance at FHN Financial, although they "will be viewed through a slightly different, more cloudy lens, if you will, based on what's happening in the Middle East right now."

"Uncertainty is not a friend to the market," Thomas said. He predicts the market will remain volatile until investors get more information on the direction of oil prices, the length of the conflict between the U.S. and Iran, and the Fed's plans for interest rate policy. 

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