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Perhaps the biggest concern is the perception of mixed messages between President Petro and Finance Minister Ocampo.

This is inflation week and September CPI is expected to be 0.78% (slowing slightly from 1.02% in August) with the 12m rate rising to 11.29%.

The m/o/m decline of 0.3% points to a gradual slowdown in the Colombian economy.

On the bright side GDP expectations continue to improve. In March the FY2022 consensus is at 4.5%, above the 4.2% of February.

The Peso remains a lottery - with an election in 3 months and the continuing 'red under the bed' narrative.

When taken in conjunction with the big decline in Consumer Confidence which was reported a fortnight ago, there are reasons for concern.

In keeping with the recent macro data, consensus estimates on Colombian key economic indicators are continuing to edge higher.

Amidst an environment where we see both analysts and overseas agents increasing their growth recommendations for both 2021 & 2022.

Reportedly 100 new ideas have been added to Colombia's second attempt at tax reform this year, and four original provisions have already been axed.

Here in Colombia the market has been crying out for new blood, we have seen multiple names such as Tablemac delist, others including Éxito who are no longer part of the MSCI COLCAP and recently Avianca which has been put on the naughty step due to Chapter 11.