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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessAnalyst Views Following BanRep Decision
- *Scotiabank: BanRep delivered a 100 bps rate hike with a strong majority, which points to a firm commitment to anchor inflation expectations. Moreover, as the staff projects inflation to again surpass the target range ceiling, Scotiabank expect another hawkish hike in March’s meeting.
- The terminal rate is also likely higher than their current estimate of 5%, but they will have a better assessment of that after the Monetary Policy Report is released on Monday.
- *JPMorgan: Current policy rate call has BanRep’s repo rate reaching 5.75% by July, but JPM will carefully read Monday’s monetary policy report and Tuesday’s publication of the minutes. In particular, Governor Villar—who JPM note was a board member the last time the bank hiked 100bp (twice) in 2003—remarked that the staff’s estimation of Colombia’s neutral rate has moved up. The new estimate will be disclosed next week; in the October inflation report the real neutral rate was 1.5%.
- Finally, Governor Villar made clear that today’s 100bp hike should not lead to insinuation that this pace will be maintained. That will be a function of the board’s reading of data and circumstances at the time of the next meeting at the end of March. Nonetheless, risks to JPM’s own call still seem skewed to a higher terminal rate, reached more quickly.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.