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BanRep September Minutes Reiterate Renewed Growth Dynamism

COLOMBIA
  • The minutes pointed to Q3 indicators suggesting renewed dynamism in GDP growth and considering the clear signs of economic recovery, there was consensus among the board members over the need to "begin a gradual withdrawal of monetary stimulus and prevent a de-anchoring of expected inflation tied to indexation processes."
  • The 3 voters for a bolder rate hike noted "expected inflation for the basket excluding foods is already above the 3% target in the most recent surveys."
  • "They suggested that postponing adjustments in the policy rate could increase the need for larger increases in the future and underlined the fact that more significant increases in the benchmark rate at the beginning of the normalization process would reaffirm the Bank's commitment to the target and help moderate increases in expected inflation. They also signalled their uncertainty over how transitory or permanent the shocks to inflation will prove to be."
  • Full link to minutes here: https://www.banrep.gov.co/en/minutes-banco-republicas-board-directors-meeting-september-30-2021
  • Due after market close today, September inflation data will be released where annual headline CPI is expected to rise to 4.49%.
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