Daily Report

The Federal Reserve kept the federal funds rate unchanged at the 4.25% - 4.50% range and highlighted that the risks of higher
inflation and higher unemployment have risen. The decision had been widely discounted by markets and had little impact on
financial assets. Markets still expect three cuts in 2025, starting in July, and Treasury yields ended the session mostly flat.

In the euro area, sovereign bond yields fell ahead of the FOMC meeting and peripheral risk premia held steady.

Global equity markets were mixed. In the euro area, risk-off sentiment ahead of the Fed's meeting sent the main indices
lower. In the US, sentiment was boosted by news that the US and China will hold initial trade talks over the weekend in a
meeting in Switzerland.

In currency markets, the euro lost some ground to the dollar on falling sovereign yields, trading closer to $1.13 by the end of
the session. In commodities, oil prices continued to trade close to $60/barrel (Brent).