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Bonilla Speaks To Lawmakers, JPMorgan on BanRep Policy

COLOMBIA
  • Fedesarrollo will publish the consumer confidence index that is expected to remain stable, but still in negative territory at -18.5. Separately, Finance Minister Ricardo Bonilla speaks to lawmakers about difficulties faced by coffee growers given low prices and a volatile currency.
  • Latest headline on the terminal: Ecopetrol announces adjustments to its 2040 Strategy, called “Energy that transforms”
  • As a reminder, Colombia CPI crossed last Friday and dropped to 10.99% y/y, closely aligned with the 11% surveyed median estimate. JPMorgan have stated that the September data, while in line with expectations, reinforces their base case for the BanRep to maintain the policy rate stable at 13.25% in October. They note that following the September print, both headline and core inflation printed above the level entertained in the BanRep’s central scenario as per the latest monetary policy report. In addition, JPM revised year-end inflation to 9.8%oya on FX pass-through.
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