BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Analyst Views On 2024 Financing Plan

COLOMBIA
  • Goldman Sachs view the updated governments’ revenue projections as somewhat more realistic than those unveiled last year. And yet, the more sensible set of assumptions does not make GS more optimistic about the fiscal baseline.
    • While there were some downward adjustments to the spending budget in line with the expected loss of revenue, the spending pressures remain too intense on the back of mounting discretionary expenses (e.g. freezing road toll fares; subsidizing mandatory car accident insurances; new cash transfer program to youth), the still intact diesel fuel subsidies, a highly inflexible budget, and the current administration’s preferences for a larger and more interventionist state.
    • GS believe that the risk of fiscal slippages remains high even under a more realistic scenario, and that further fiscal consolidation will be difficult to attain in the short-term.
  • Itaú: Despite an elevated deficit, the new goal complies with the fiscal rule due to lower growth. Regarding debt, the MoF now projects net debt to increase to 57% of GDP by the end of 2024 (56.9% previously expected; 52.8% in 2023). The challenges facing the fiscal consolidation process are in line with the recent negative outlook revision by S&P on the 'BBB-' rating.
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