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Colombian Finance Minister Ricardo Bonilla must be pulling his remaining hair out.

Hopefully, we will get the 1% cut that will add some stimulus to the market.

While the fall was slightly better than expected, the positive difference is likely not enough to radicalize the central bank into taking more drastic measures.

Banco de la República is conservative by nature and there may not be enough meetings left this year to get the interest rate down to 8.25%

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.

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.

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.

Colombia's Finance Ministry and the National Business Association of Colombia (ANDI) have spent weeks and months asking for rate cuts. Will they get what they want?

The put options will be in force from December 4-28, according to the Bogotá-based Banco de la República.