The blue line (interest rates kept unchanged) stayed in first place throughout, and at the market close on July 27 it was at the highest level; the black line (a 25 bps rate hike) only rose slightly in the later period; the green line (more than a 50 bps rate hike) stayed close to the bottom throughout, with no market response. In July, the Federal Reserve meeting kept interest rates unchanged, and all expectations of rate hikes were dashed.