The Fed left the benchmark rate unchanged as expected at 4.25-4.5%, emphasizing that uncertainty has been reduced but remains high, just as they raised their inflation expectation for this year from 2.7% to 3% and lowered the growth projection from 1.7% to 1.4%; the market had almost no reaction, with the treasury curve remaining slightly higher (-3bps yields), with the short end having a little more movement as the probability that the first cut this year will be in September instead of October increased, although the total remains at -50bps for 2025. Equities were mixed at the global level, with no relevant movements; while commodities also had no major variation, with the most marked changes in agriculture, where wheat rose 4.5% and coffee fell 3%.

Venezuela and PDVSA flat on the day with no major movement.

Argentina's sovereign fell for the third consecutive day, retreating 0.5pts today, as the worst credit in Latin America, which otherwise saw little activity and movements of 0.25pts in both directions, seeing little volume ahead of tomorrow's U.S. holiday.