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1) Yesterday, @BancoCentral_AR raised #Argentina’s interest rate to 45% from 40% in response to new pressure on the peso, tightening monetary policy even as “real activity is cratering,” @jpmorgan explains in a research note.
2) The high interest rates, which discourage borrowing in #Argentina, are here to stay: @BancoCentral_AR pledged Monday “a no disminuir el nuevo nivel de tasa de política monetaria al menos hasta el mes de octubre.” http://www.bcra.gov.ar/Noticias/Comunicado_de_Pol%C3%ADtica_Monetaria.asp …
3) @BancoCentral_AR is clearly willing to dent the economy to defend the peso and avoid higher inflation, but its capacity is limited: The #IMF’s #Argentina bailout sets a minimum for hard currency reserves, restricting interventions in the currency market, @jpmorgan notes.
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