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COLOMBIA: IBR Swap Rates Outperform As Truckers Strike Ends

COLOMBIA
BulletEM BulletEmerging Market News
  • IBR swap rates are outperforming today, with yields down ~18bp across much of the curve, aided by the decline in UST yields following the soft payrolls data, as well as news that the government had reached an agreement to end the truckers strike.
  • The major road blockages resulting from the strike this week had already disrupted food supplies, with reports that fruit and veg prices had jumped by more than 40% in some large cities, adding to inflation concerns.
  • With the strike ending, the central bank will have more room to continue its easing cycle, potentially stepping up the pace to 75bp later this month, as suggested by Finance Minister Bonilla yesterday.
  • August CPI inflation data will be released at 0000BST/1900ET today, with analysts expecting the headline rate to fall by 50bp to 6.36% y/y, and core inflation to drop back below 7%.
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  • IBR swap rates are outperforming today, with yields down ~18bp across much of the curve, aided by the decline in UST yields following the soft payrolls data, as well as news that the government had reached an agreement to end the truckers strike.
  • The major road blockages resulting from the strike this week had already disrupted food supplies, with reports that fruit and veg prices had jumped by more than 40% in some large cities, adding to inflation concerns.
  • With the strike ending, the central bank will have more room to continue its easing cycle, potentially stepping up the pace to 75bp later this month, as suggested by Finance Minister Bonilla yesterday.
  • August CPI inflation data will be released at 0000BST/1900ET today, with analysts expecting the headline rate to fall by 50bp to 6.36% y/y, and core inflation to drop back below 7%.