In a FOMC meeting without major significance, the Fed left the benchmark rate unchanged as expected, maintaining it at 3.5-3.75%, where futures expect it to remain for at least the next two meetings, pointing to two 25bps cuts in 2026, one between June and July and the next at the end of the year. Equities closed without significant changes in the US, fell in Europe, and rose slightly in Asia. In rates, the Treasury curve declined marginally, leaving yields +2bps, while in commodities, metals and energy continued their rally, rising 1-2%. The dollar recovered slightly, gaining 0.5% after hitting a four-year low yesterday.

Venezuelan bonds continue to sell off, falling 0.4-0.9 points amid reports that the CIA doubts Delcy Rodríguez's cooperation and statements by Marco Rubio before the Senate that had little impact.

In Latin American credits, we saw some profit-taking, with most credits in the region falling 0.25-0.5 pts, particularly Argentina, whose curve advanced 0.25 pts.