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Congress Approves Increase In Debt Ceiling

COLOMBIA
  • Last night, both the lower house of Congress and the Senate approved the $17.6bn increase in the debt ceiling. Yesterday was the last day of the ordinary legislative period and so Congress was expected to approve this increase. Had it not, the government had threatened to cease debt payments in September or October.
  • USDCOP edged higher over the session, against a backdrop of higher US rates and associated strength in the greenback, closing up by 0.29% at 4173, close to last week’s YTD high at 4211. BBVA note that the market remains somewhat in price-discovery mode after the recent breakout above 4000, with 4250 the resistance level from October 2023.
  • The data calendar remains light today, with focus turning to next week’s BanRep monetary policy meeting on Friday. As previously noted, analysts expect the central bank to deliver another 50bp interest rate cut to 11.25%, against the backdrop of a continued moderation in core inflation. The vote is likely to be split again, with Finance Minister Bonilla continuing to push for a faster pace of rate cuts.
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