Fynsa
It is time to sell the short-term deposit and buy the long-term deposit, looking for better rates in issuers that offer a higher premium.
Viewing the Central Bank’s minor rate cuts as a “tactical pause,” we believe these would be only temporary, pending a less turbulent environment.
We can expect a good return on issuers of adequate credit quality.
Our economy's low growth potential should be a top concern, regardless of what the monthly data may show
The sector has been looking for alternatives in non-bank players for some time and, within these, the Private Debt business has shown particular attractiveness.
We can expect that, as far as possible, the next cuts in the TPM will remain in the more conservative range of the corridor presented in the last IPoM.
While the macro framework was maintained, the depreciation of the peso has bothered the Central Bank, which has not wanted to add "more gasoline" to the reduction of the interest rate differential.
At the traditional financial conclave, the Fed chairman noted that the move in rates continues with more upside risks than downside risks, and that he was ready to continue raising them if necessary.
According to the Central Bank, the pace of future interest rate cuts is not tied to the magnitude of the first cut, thereby downplaying the urgency of quickly moving to a neutral level
Pan Gongsheng's background suggests a continuation of the gradual liberalization of China's financial markets.
