Fynsa
August's surprise does not even give reason to hope for a softer deceleration: we preliminarily estimate a variation of Imacec in September between -2% and -1.5% YoY.
While the Central Bank is doing everything possible to lower inflation, the work of the public and private sectors must focus on productivity, the only way to generate wealth without boycotting the work of monetary policy.
If anyone had any remaining doubts that the U.S. Federal Reserve is focused primarily on meeting its inflation target, they were dispelled this week.
They are the fastest growing in recent years, with an average rate of 30% in the number of Funds.
Currency depreciation, global logistical difficulties and the consumption boom, among other factors, formed a toxic cocktail that has been more difficult to combat than previously thought.
The Central Bank decided to increase the rate to the maximum level of this cycle, which eventually generated dissent among the board members.
If at one time we were struck by how resilient some sectors of the economy were, we are now surprised by how quickly they have deteriorated.
In three years, the size of private debt funds has more than doubled.
Whatever the outcome of the plebiscite, the government will face much greater challenges than before the social outburst.
In the new macro framework, we see little change to the expected growth for 2022, but we do not rule out a further downward adjustment to 2023.
