Merval up 0.7% after Fed statements

In a speech delivered to the New York Economic Club, Powell said the rates "are still at historic lows" and remain "just below" the "range" that would be considered neutral for the company. economy, that is, it does not accelerate or slow down growth ".

Following these comments, the main Merval index of stock markets and markets in ArgentinaIt rebounded and ended up 0.7% higher at 31,138.7 units.

The The main increases were recorded by YPF shares (3%), Transportadora de Gas del Sur (2.8%) and Grupo Financiero Banco Galicia and BYMA (2.7%). While the largest losses were recorded by Banco Macro (-2.5%), Central Puerto (-2%) and Valores S.A. (1.4%).

Economist Gustavo Ber said Powell's "dovish" tone, pointing out that rates are already closer to neutrality, was celebrated on Wall Street by a "relief rally," as the Fed could not raise many more times after reaching 2.50% a year in December ".

It should be remembered that local financial markets will remain inactive this Friday at the G-20 presidents summit in Buenos Aires.

In the fixed income segment, major dollar bonds (quoted in pesos) moved into positive territory. Bonar 2024 remained almost stable, the 2020 Bonar rose to 0.55% and the discount under Argentine law had increased by 0.3%.

Country risk

After dropping the height of the 700 units the day before, the country risk Argentina took a break this Wednesday and fell 1.5% from the peaks of early September.

The index measured by the JP Morgan bank rose to 703 points, after reaching 714 units Tuesday.