We report on timing and spectral observations of the microquasar XTE J1550−564 during its 2000 outburst made by the Rossi X-ray Timing Experiment (RXTE). We study the spectral properties of the source during both the rise to the outburst and its decline. We observe transitions from a low hard state to an intermediate state, and vice versa, before the source returns to quiescence. We show that the first transition likely reflects a change in the relative importance of the emitting media, instead of a change in the total accretion rate, contrary to the second transition. We investigate the temporal properties of the source, and follow the evolution of a low frequency Quasi Periodic Oscillations (QPO).