As widely expected, the Fed restarted rate cuts with a -25bps (a defector who wanted 50bps), taking the benchmark rate to 4-4.25%, saying they expect more cuts in the rest of the year, which was reflected in the dot plot pointing to -50bps between the two remaining 2025 meetings; treasuries initially advanced, but then retreated as Powell mentioned in a press conference that inflation remains a latent risk, raising yields 2-4bps across the curve. In equities, value rose slightly and tech/growth the opposite, although both closed above the session low. The dollar weakened initially, touching 96.25 on the DXY, but ended up on the day. Commodities close with pullbacks of 0.5-1%. VIX fell to 16.

Venezuela and PDVSA a bit more of the same of the last few sessions, seeing irregular flows and prices with no noticeable changes.

In Latin American credits, Argentina retreated 1.5pts, giving back all of yesterday's advance after the official FX touched the upper band, although the country said it was due to a technicality; on the other hand, the Central Bank sold $53M. The rest of the region had mixed results of 0.25pts.