Alberto Bernal Adjust Quotations

The market is weak today because of continued adjustment of the 10-year U.S. treasury and the strength of the euro.

The market has been adapting in the last few days to the monetary policy adjustment in Europe and to market expectations in terms of when and where is the Fed is going to end its tightening cycle.

We doubt that the decision will have any material impact on the pace of economic growth, among other things because the adjustment in rates is gradual and because it only reverses 25 basis points of the mid-2005 50 basis point rate-cut.