Fynsa
For the fourth consecutive time, the Central Bank modified the bias of the statement, repeating the situation of March and May: a bias that indicated an early end to the hiking cycle, and then eliminated it and raised the rate more than expected.
The Central Bank Board opted not to surprise agents, which is quite informative with respect to the future hiking cycle
For the time being, we continue to expect an increase in the TPM to reach a maximum level of 9.5%.
We must put ourselves in the pants and skirts of the Central Bank Advisors and anticipate what is to come for the rate over the next few months.
The big question is: should the Central Bank backtrack on the IPoM and continue with the aggressive increases in TPM?
