Unexpectedly, investor expectations changed from one day to the other. Although Jerome Powell explicitly stated that he ruled out a 75-bps hike at the next Fed meetings, the general opinion considered Powell's words not very credible. Again, the market is betting on higher interest rate hikes to rein in rising inflation this year. The US 10-year bond yield crossed the 3% threshold reaching the 3.08% level, close to 2018 highs. The sentiment that the Fed will not be able to curb inflation and that a recession is looming was spreading in the market. This sentiment prevailed just before the Fed meeting and was sustained while waiting for the Fed’s decision, but Powell's comments and the rise of only 50 bps were enough to encourage investors. Surprisingly, the market has changed its mind in just 24 hours without any circumstance that supports this change.