June US inflation was mostly in line with expectations, seeing headline at 0.3% and core at 0.2% (vs 0.3% exp both), while the annual was 2.7% in headline and 2.9% in core (vs 2.6% and 2.9% exp, respectively), bringing an initial favorable reaction for treasuries, which reached a 5bps drop in yields, but which progressively turned around to end in a fall along the curve that was slightly more accentuated on the short side (+6bps yields vs +4bps on the long side) due to an implied reduction in the Fed's short-term cutting probabilities, which moved the first -25bps to October and lowered the probability of the second to 70% in December, in view of new news that Powell's departure is imminent in the coming months. On the equities side, Asia rose up to 1.6% on favorable economic data in China, while Europe fell slightly and US value fell but tech rose on the news that Nvdia will be able to sell chips to China again. In commodities, we saw mixed movements of up to 1% in the main items. The dollar appreciated 0.6%, erasing the last month of losses.

Venezuela and PDVSA had a new drop of 0.15pts, seeing a relevant number of sellers but not very aggressive dealers.

Latin American bonds had mixed variations of 0.5pts.