WEF proposes new elements to the analysis to find the difficult balance between delivering better pensions to those who need them most and maintaining sustainable fiscal spending.
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.
The Q2 National Accounts figures only confirm what we expected: the economy is slowing down and will continue to do so.
Unless the peak inflation narrative is confirmed by both the data and a moderate Fed pivot, we believe the risk of a return of rate shock and recession fears may again weigh on risk appetite.
Regarding the outcome of the referendum, it seems that nothing is settled yet; and this also seems to be the market's view on the matter.
The downside surprise in July inflation in the US will help moderate inflation expectations, but the data remains too high to warrant an appropriate turnaround by the Fed.
Concern about rising prices and the instruments to control them is not only a technical discussion, it is also a moral obligation.
The analysis of Humberto Mora, FYNSA's Deputy Investment Manager
The year-on-year variation would reach 12.7%, unfortunately for those who expect inflation to ease a little in the coming months.
In a FYNSA webinar, Juan José Obach, from Horizontal, poses three basic questions to analyze the proposed new constitution