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February CPI Inflation Due At 1900GMT / 1500ET

ARGENTINA
  • Despite annual inflation of over 250%, the central bank announced a surprise interest rate cut late on Monday, when the benchmark rate was reduced to 80% from 100%. The BCRA cited the slowdown in monthly inflation, as well its steady rebuilding of reserves as supporting the move.
  • February CPI inflation data will be released at 1900GMT(1500ET) today. President Milei has said that he expects 15% m/m inflation in February, which would be an improvement on 20%+ m/m gains in the previous two months. However, annual inflation is still expected to rise to 282.1% y/y, from 254.2% y/y in January.
    • Feb. National CPI YoY, est. 282.10%, prior 254.20%
    • Feb. National CPI MoM est. 15.00%, prior 20.60%
  • Separately, Economy Minister Luis Caputo will speak in an interview as part of the American Chamber of Commerce’s annual conference at 1810GMT(1410ET) today. Meanwhile, the country’s debt swap offering will end this evening, with settlement of the offers taking place on Friday. To recap, the government is seeking to swap most of its 2024 maturities for instruments maturing in 2025-2028, which analysts estimate could amount to $65bn.
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