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Colombia slows pace of easing, but significant rate cuts still likely

The statement accompanying the Colombian central bank’s decision to slow the pace of interest rate cuts to 25bp (from 50bp previously) suggests that policy might not be loosened as aggressively in the upcoming meetings as we had initially expected. Accordingly, we are revising up our end-17 forecast from 4.50% to 5.00%. Even so, this is still more easing than the consensus and markets expect.

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