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BanRep Decision Precedes Fed Announcement Wednesday

COLOMBIA
  • Analysts remain divided over whether BanRep will cut by 25bps or if the board will choose to accelerate the pace of easing and reduce the overnight lending rate by 50bps to 12.50%. The Bloomberg survey now tilts towards the more aggressive option. The decision is due around 1800GMT/1300ET and the full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/59716/MNI%20Colombia%20Central%20Bank%20Preview%20-%20Jan%202024.pdf
  • Bloomberg reported on Tuesday that Colombia’s gross fiscal revenue rose by 22% last year to 278.9 trillion pesos ($71 billion), short of the government’s target of 290.1 trillion pesos, a committee that oversees fiscal metrics said in a report.
  • Before the BanRep announcement, December unemployment rate data is due at 1500GMT/1000ET:
    • Urban Unemployment Rate, est. 9.2%, prior 8.7%
    • National Unemployment Rate, prior 9.0%

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