The Federal Reserve decided to raise its reference rate by 25bp, taking it to the 5.0%-5.25% range, its highest level since 2001. Although Jerome Powell left the door open for further rate hikes,he added that the Fed economists, who had predicted a recession, now favored a soft landing for the economy. The ECB raised interest rates for the ninth consecutive time, placing the Refi rate at 4% and the deposit rate at 3.75%, its highest level since 2000. Plus, after the conference there was a perceived upward bias of the rates. Most of the portfolio companies posted good Q2 results, both in terms of revenue growth and profit margins, showing resilience in this uncertain environment. We have not made any changes to the portfolio, but we are working on new ideas to continue with our policy of diversifying into resilient businesses with great revaluation potential.
