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MNI Colombia Central Bank Preview: Further Caution Needed

COLOMBIA
  • According to all surveyed analysts, BanRep is expected to hold the policy rate steady at 13.25%.
  • The latest inflation data was a signal to the market that both headline and core inflation remain at stubbornly high levels and the process of disinflation has been considerably slower than previously envisaged. The committee will likely reinforce its data dependent stance, allowing more progress on inflation before committing to a policy pivot.
  • However, given the most recent commentary from Finance Minister Bonilla, markets will focus on any dissenting votes at this meeting and any potential guidance regarding the future outlook for monetary policy.

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