International inflation remains high but with a slowing trend. In the US, the behavior of high inflation is more persistent than initially expected and is far from the target. In this context, a...
Dollar Purchases Returned, but Reserves Did Not
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Dollar Purchases Returned, but Reserves Did Not
Third week
May 2023
The measures launched by the government at the beginning of last week do not have the magnitude to change the course of events. To a large extent, it was staged to show the market that the government is at work. Neither we nor any of our colleagues that we know of have lowered their inflation estimate for the coming months. No one believes that importing food will have any effect. And what’s more, food will probably not be imported. The Trade Traceability Unit probably will not control anything either, but the Soviet name doesn't help build credibility. The rate hike is more ambiguous, but they didn't have many other alternatives after last Friday's 8.4% surprise.
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 No hay doble dígito, por ahora. Los datos de mayo no nos muestran que haya doble dígito por ahora. Es cierto que el mercado en los últimos dos meses subestimó la inflación y quizás por eso ahora... |