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BCRA Cuts Interest Rates Again

ARGENTINA
  • The BCRA cut its benchmark interest rate for a second time this month, announcing another 10pp reduction to 40%. This was the sixth rate cut since December, taking total easing over that period to 93pp. The decision followed the release of April CPI data earlier yesterday, which showed a further moderation in sequential inflation, with prices rising by 8.8% m/m last month, following an 11% gain in March. Monthly core inflation also moderated, with prices rising by 6.3% m/m (vs. 9.4% prior).
  • Goldman Sachs note that while tight capital controls endure, the BCRA bank has opted to deepen financial repression as a tool to clean its balance sheet. They add that the drag on real activity as household disposable income erodes due to the loose policy stance is only viable while capital controls remain tight.
  • On the data front today, the macro calendar is light, with focus turning to April budget balance data, due next week. Meanwhile, President Milei is due to speak at a business luncheon at 1630BST(1130ET).
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