In recent months, several members of the Fed have been advocating being the conditions for an increase in interest rates, and September is a possible date. On Friday, the Governor of the Boston Fed, Eric Rosengren said that the risks of delaying an increase in interest rates are growing. This statement was complemented by the conviction that the US economy is in a phase of strong expansion and has shown resilience to external shocks, the most recent being the Brexit. Recent interventions by various members of the Fed, forced investors to question themselves about the possibility of a rise in interest rates already at the meeting of 20 and 21 this month. Generally, when a market conviction is shaken and called into question, the result is an increase in volatility and a significant increase in risk aversion of investors. It was this pattern that was observed on Friday. Sales reached all sectors, with particular focus on the more cyclical and more sensitive to interest rates, commodities, corporate bonds, among others. US government bonds also suffered losses, because of its sensitivity to interest rates. This last point raises a threat to the equity markets. If increases the prospects of a rise in interest rates by the Fed is not ruled out that yields exceed the level of 1.63%. This level is important from a technical point of view because if surpassed may signal an upward movement in yields. In this scenario, the impact on the stock market would be negative. Technically, in recent weeks, the S & P had oscillated (with the exception of some specific moments) between 2168 and 2194, with very low volatility. Usually these market phases precede very significant movements and high volatilities. The fall on Friday was particularly and surprisingly expressive, and may mark the beginning of a new market phase.