In reality, interest rates will continue to rise, and probably in the next two meetings, 50 bps increases will be decided, as Powell has pointed out. However, the market expected that the Federal Reserve would leave the possibility open of a rise of 75 bps in some of them, something that is ruled out. They have made it clear that the objective is to reach the level of neutral interest rates that is interpreted to be around 2.5%, but the market was betting on something more aggressive. In the end, everything will depend on the evolution of the inflation figures in the coming months. Any sign of a retracement in price levels would be positive by the markets. The Fed also said that they would start the balance sheet reduction in June, but the pace at which they will do it is not at all aggressive. Bond yields have not risen, as could be expected after a rise of 50 bps but have experienced declines, with the 10-year reaching 2.92%.