Por Miguel A. Kiguel
Todos sabemos cómo funciona el cepo, y hemos aprendido a vivir con tasas de interés reales negativas, a usar el dólar Contado con Liqui para eludir los controles...
How long will the hard monetary policy last?
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How long will the hard monetary policy last?
First week
July 2017
Looking forward, two are the main questions in terms of monetary policy: when will interest rates start to decrease? How will the slope of the rate curve end up?
The balance of the first six months shows that inflation is definitely decreasing. That is seeing the glass half full. Unfortunately, it is not slowing down at the speed the CB had set in its targets. That is the glass half empty. The CB acted firmly when it had to and it strongly increased the rates in March. However, utility rates (for obvious reasons) and services (due to the impact of wage increases on business costs) account for the fact that inflation remains at levels higher than the ones desired by the CB.
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