Investors resign themselves to less aggressive rate cuts in the United States. The price of money is at 5.25%-5.5%, its highest level in 23 years.

Some expected a few months ago that the first cut would come at this meeting. The strength of the labor market and the resistance of inflation to travel the last mile to the 2% target have led Powell to rule out imminent cuts. In an election year, the decisions of the Federal Reserve are to be analyzed with a magnifying glass.