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Central Bank Minutes Point To Balanced Risks

COLOMBIA
  • Colombia central bank posted their minutes overnight:
  • https://www.banrep.gov.co/en/minutes-banco-republi...
  • The directors highlighted continued stability in expected inflation. However, they noted that observed inflation in February had exceeded both the technical staff's and market analysts' expectations.
  • Also noted mixed signals regarding economic activity. Despite the relative improvement in the growth outlook, weakness in Colombia's labour market has persisted, and in January a recovery in employment observed in previous months came to a halt.
  • Directors emphasised adverse effects from a third wave of the pandemic, could raise the need for additional monetary stimulus.
  • However, in contrast, some members highlighted a risk in the opposite direction associated with a larger and more rapid tightening of international financial conditions. This would have particular relevance in the event that Colombia's congress does not approve a fiscal adjustment plan along the lines of the one currently being prepared by the national government.
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