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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.

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%

Hopefully, Banco de la República will this week cut those overnight rates — by at least 50 basis points — from the current 12.25%.

Fedesarrollo's survey projects March inflation to drop to 7.34% — and continue falling to hit 5.51% by year-end.

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

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.

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?

In mid-November, the Banco de la República forecasted inflation to end both 2018 and 2019 at 3.3%.

While still in line with central bank projects, the uptick brings year-over-year inflation to its highest level since February.