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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.

Despite the new narrative, the peso is where it should be — and Colombia's currency is hardly ever touched by domestic events.

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

PPI data for November came in with another healthy decline. Let's hope the CPI data is even close to as good.

In October, the monthly reading was 0.25%, which led to a year-over-year number of 10.48%. Now, the question is how far it will fall this month.

In Colombia, some things are sacrosanct — and the fiscal rule is one of them.

The real headline grabber should be Banco de la República, which — in its infinite wisdom — has chosen to ignore the other 99% who understand that 13.25% overnight rates choke off an economy.

Will Banco de la República upgrade its November meeting to a "decision" meeting in order to cut rates from 13.25% and start the easing cycle?

Banco de la República left interest rates at 13.25%, a terminal rate that needs to come down ASAP. The cut doesn't need to be radical but at least signal that the easing cycle has begun.