Summary of the day – September 23, 2025

| The Fed maintains uncertainty and increases global caution

• The Colombian peso closed the day with a slight depreciation to COP$3,853.
  
• Oil prices rebounded by more than USD$1 per barrel due to the stagnation in the resumption of exports from Kurdistan.
• US stock markets closed lower, with the S&P 500, Dow Jones and Nasdaq all declining.
• The TES curve in pesos It registered a mixed performance, with appreciations in the short term.

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| Hector Wilson Tovar Garcia: Research Manager – wtovar@accivalores.com

| Maria Alejandra Martinez Botero: Research Director – maria.martinez@accivalores.com

| Laura Sophia Fajardo Rojas: IE Analyst - Laura Fajardo@accivalores.com

| Maria Lorena Moreno: Analyst – maria.moreno@accivalores.com

| Hugo Camilo Beltran: Analyst – hugo.beltran@accivalores.com

| Sara Sofia Guzmán Suárez: Intern – sara.guzman@accivalores.com