Recent reports suggest that Argentina President-elect Alberto Fernández, who takes office on Tuesday, has selected Martín Guzmán as his economy minister. That’s unlikely to inspire much investor confidence; IMF-backed policy tightening is not on the table. Elsewhere, the much weaker than expected economic activity data out of Chile this week mean that there is a growing risk that the economy enters a recession, and supports our view for further monetary easing by the end of next year.
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