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One analyst firm believes the move "to step up the pace of interest rate cuts is a clear response to the weakness of the recent activity data."

"For now, the Banco de la República is likely to continue to move in 25-basis-point steps," said Capital Economics.

We know Donald Trump has won. What comes next for the global economy is anyone's guess.

This marks the second straight month with no intervention, putting a definitive end to the prior 11 months of rate hikes.

The biggest risk for the economy is that Santos has now lost too much political capital to get tax reform passed this year.

A drop in inflation was expected — but "its magnitude was much greater than we anticipated," said Bancolombia. A sharp decline in food prices fueled the major rebound.

This marks the 11th consecutive month that the Banco de la República has intervened in a fight against an inflation rate that has hit a 16-year high.

"There is little room for policymakers to leave interest rates on hold," according to Capital Economics analyst Adam Collins.