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Growing Debate Over Pace Of Rate Cuts

COLOMBIA
  • The Colombian peso remains rangebound, with the currency broadly flat against the dollar month to date, anchored by still high real yields. After two 25bp cuts, the policy rate is still well above most regional peers at 12.75%, but there is increasing debate about the pace of rate cuts ahead. Finance Minister Bonilla has recently said he expects at least a 50bp rate cut at the next meeting in March, as he focuses on the weak growth backdrop, while Governor Villar is maintaining a cautious tone due to inflation concerns.
  • Analysts currently expect the pace of easing to be stepped up to 50bp in March, and with that in mind today’s latest Bloomberg survey will provide updated views on economist expectations (1545GMT). There are no other releases in the calendar today, with attention turning to January unemployment next week. BanRep will also hold a Board meeting next Thursday. This will be a non-monetary policy rate decision meeting.
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