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BCRA Holds Monetary Policy Meeting

ARGENTINA
  • In Argentina, the central bank holds its monetary policy meeting following January CPI data, which showed a 6% monthly increase and the annual headline rate reaching 98.8% on Tuesday.
  • The monetary authority has held the policy rate at 75% in nominal terms since September and another hold is widely expected. The BCRA could point out that a core CPI print below the headline suggests inflation’s scope is narrowing and that stability in 12-month inflation expectations hints at some anchoring.
  • The decision from YPF to increase fuel prices by 4% “helps offset the devaluation of the official exchange rate, higher logistics and operating costs, and the increase in biofuel prices,” according to a company statement.
  • Separately, President Alberto Fernandez convenes a roundtable with leaders of his coalition to define electoral strategy on Thursday.
  • There are no major economic data releases for the rest of the week with the attention turning to next weeks trade balance and economic activity data.
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