The S&P500 temporarily crossed its all-time high today by rising almost 1% along with the rest of the US equities, after mixed sessions in Europe and Asia without much movement. In fixed income, we saw a clear bull steepener in the treasury curve, with short yields falling 6bps and long yields falling 2bps following reports that Trump would seek to replace Powell later this year, which could pressure the Fed to cut rates more aggressively, which was reflected in futures that now even speculate a possible 50bps cut in December after 25bps in September. The VIX fell to 16.3, its lowest close since February of this year.

Venezuela and PDVSA both remain in demand, particularly PDVSA, where bonds rose 0.4pts average, also seeing more buying of PDV'20 which reached 93 handle.

In Latin American credits, Ecuador once again led the region by gaining 0.75pts, followed by sovereign Argentina, which recovered yesterday's decline by rising 0.25pts, in line with the region's average.