Fynsa
For the members of the board of the world's leading central bank, it is still necessary to gain greater conviction that the downward trajectory of inflation is sustainable, before initiating a downward adjustment process in the inflation rate.
It could hardly be argued that there is still a long way to go to return to normal inflation, as is happening in other economies.
Going forward, there remains some uncertainty associated with inflation convergence and monetary easing.
The attractiveness of time deposits is fading and leads to the search for riskier instruments with higher returns.
No correction has been observed so far in the equity market, despite technical indicators that the market is overbought and at all-time highs.
The so-called Sun Belt concentrates the best investment opportunities.
The December CPI surprised the market with a 0.5% m/m drop; in this scenario we believe there is room for 100bp cuts or even a 125bp run.
The market seems to be part of those who see the change of leadership in Argentina as an opportunity because, after the victory of the libertarian Milei, a strong recovery has been observed in the price of that nation's assets.
Rising productivity in the U.S. labor market brings some relief to policymakers.
Those who have been invested in fixed income this year have had a hard time and are only now beginning to see the light at the end of the tunnel.
