Fynsa
Whether the Fed will raise rates again or pause at its next meeting in September will depend on how the data unfolds.
The start of the monetary easing cycle will accelerate the shift of portfolios from IIF to IRF. Interest rate levels and accruals boost the value of the short end of the yield curve, but UF-denominated instruments are becoming more attractive, especially for terms of 2 to 5 years.
There are still opportunities, but the focus should remain on the search for investment grade opportunities in the region, to the detriment of high yield.
The sector continues to expand, although there have been adjustments in occupancy rates and rent levels
During the first half of the year, we have seen a recovery in this asset, with historically low vacancy rates and an increase in rental prices.
The probability that the process of convergence to inflation will be interrupted or definitely turned around has fallen significantly, but there are still elements of risk to monitor.
Speeches and communications from the Central Bank Board have only been along one line: it is still too early, risks are high and policy error can be very costly.
The Central Bank will remain steadfast in its goal of bringing inflation down to its 3% target within two years, and until that happens, it will not begin to lower the monetary policy rate.
The main question the market is asking after the January CPI is whether this surprise puts the decline in inflation at risk.
The adjustment will continue, and a reduction in domestic demand is a necessary condition for lowering inflation and bringing the current account deficit down to more sustainable levels.
