The tension between changes in monetary policies and economic uncertainty may negatively impact economic growth. Higher interest rates can be due to various factors, including changes in monetary policies and economic-political uncertainty. If these factors extend to create a tightening of financial conditions, they could determine a delay in strengthening financial conditions.

At the same time, increasing demand for investment in artificial intelligence and infrastructure is increasing competition for access to capital. Such pressures can keep term premia high even without a significantly higher trajectory for central bank reference rates. Additionally, they increase public debt servicing costs and raise the risk-weighted rate applied to stock markets.

The conflict in Iran and higher energy prices are intensifying inflation uncertainty, while large budget deficits and massive state bond issuance continue to exert pressure on markets. At the same time, increasing investment in artificial intelligence and infrastructure is increasing competition for capital access. These pressures can keep term premia high even without a significantly higher trajectory for central bank reference rates.

Higher government, business, and large investment projects' demand for capital may make capital more costly and potentially scarcer. The tension between changes in monetary policies and economic uncertainty may negatively impact economic growth. If this had negative effects on financial conditions, it could lead to a delay in strengthening financial conditions.

Therefore, it is important to remember that these changes' consequences are not predictable and one must be prepared to react appropriately to potential scenarios. In the end, rising interest rates may have a positive or negative impact on economic growth, but this depends on many factors. The importance of considering all involved variables is fundamental to understanding the current situation and predicting future trends.

However, even if higher interest rates may limit further rate hikes, it is important to note that not all results will be negative. Instead, they may also lead to improved financial stability and better management of public finances. Therefore, it is important to maintain a balance between financial security and economic growth.