Analysts reacting to U.S. Defense Secretary Chuck Hagel’s first major policy speech say the dour remarks on future cuts and likely dramatic mission changes due to austere budgets were expected, albeit significant, for benchmarking the Pentagon’s approach to life under sequestration. “We were not expecting a major policy shift today, but rather a continuation of the [Obama] administration’s approach with some new emphases,” said Wall Street analysts at RBC Capital Markets. “These early ...

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