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Banco de la República cut by 50 bps to 12.25%, but despite words expressing the "magnitude" of the cut, it was the absolute minimum they could have done.

What will Banco de la República head Leonardo Villar and the rest of the Magnificent Seven do at their next meeting?

For reasons I cannot detect, Banco de la República only moves rates at 8 of their 12 annual meetings.

The first quarter of 2024 recovery is likely to be modest as well — in large part due to the central bank's refusal to lower rates until December.

Transport workers are going to represent a problem, as the government tries to move fuel prices to market levels.

The hope is that we will see another decline for January, but some are concerned about how the 12% minimum wage increase and El Niño have affected prices.

Petro called it a "natural" disaster, but there is undoubtably a human element given the money invested previously to repair the road — to no avail.

The highlight of the week was clearly the 0.45% inflation print for December — which dragged the full-year figure or 2023 to 9.28%, below the 9.45% expected.

The move was so far overdue — and was so small — that it has been forgotten already. It is of course a welcome message, but isn't big enough to shock the economy into life.

Banco de la República now surely have to cut rates by at least 25 basis points in a couple of weeks time.