The market is weak today because of continued adjustment of the 10-year U.S. treasury and the strength of the euro.
The market has been adapting in the last few days to the monetary policy adjustment in Europe and to market expectations in terms of when and where is the Fed is going to end its tightening cycle.
The deterioration in the perception of the central bank's independence will hinder local markets from seeing the issuance of non-indexed paper in the foreseeable future, implying the stagnation in the recovery of the local capital markets.