Global markets experienced a cautious session. John Williams, president of the New York Fed, said that another rate hike could be appropriate later this year, although there is no urgency following the September hike. He estimated inflation at 3.5% by 2026, driven by energy and AI-related demand. Futures prices are pricing in a 25 bps increase and a 35% probability of a second hike. Equity indexes closed slightly lower, with the Dow Jones Industrial Average down 0.3%, the S&P 500 down 0.2%, and the Nasdaq down 0.1%. Asian markets finished mostly in the red, with the Nikkei down 0.6% and the Kospi down 0.3%, while the CSI 300 rose 0.1% and the Stoxx 600 fell 0.1%. Regarding commodities, WTI crude fell 3.9% to $89.00 and Brent crude dropped 2.7% to $102.50, while gold rose 1.4% and silver 1.2%. Treasuries closed with the yield curve steepening, with the 2-year US Treasury yield falling 4 basis points to 4.89%, the 10-year Treasury yield rising 1 basis point to 5.25%, and the 30-year Treasury yield rising 4 basis points to 5.58%. The 10-year Bund yield slipped 1.7 basis points to 3.62%, and the 10-year Gilt yield fell 1.2 basis points to 5.41%. On the FX and volatility front, the DXY index rose 0.2% to 101.4, and the VIX fell 0.1 points to 16.0.

In Venezuela/PDVSA, both the sovereign and PDVSA yields rose 0.1-0.3 points, recovering some of yesterday's losses, while Elecar gained 0.3 points and PDV'20 added 0.2 points. Trading volume was USD 170 million, concentrated in PDV'22N and PDV'24.

Latin American yield curves, meanwhile, closed mixed, with Argentina rising 0.5 and Ecuador 0.4 points, while Pemex and Brazil fell 0.3, Mexico and the Dominican Republic 0.2, and Colombia and El Salvador 0.1 points. Average volume