🔴 PAVE is trading 3.1% down today as oil spikes and FOMC jitters pressure cyclicals

PAVE is trading 3.1% down today as industrial and infrastructure names sell off alongside a broader risk-off move in U.S. equities.

• Renewed Middle East tensions have driven oil prices up 4–5%, complicating inflation and interest-rate expectations just ahead of the FOMC statement.
• The spike in energy costs and rate uncertainty is pressuring the rate-sensitive, cyclical industrials that dominate the PAVE portfolio.