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That said, @Citi analysts say #Argentina's @BancoCentral_AR was under political pressure to reduce interest rates, which required a more modest goal for reducing inflation next year. That's disappointing, given the country's historical challenges with central bank independence.
I'm not sure what message @marquitospena intended to communicate by joining @fedesturze at today's announcement, alongside @NicoDujovne and @MinFinanzas's Luis Caputo, though perhaps it was designed to show support for the central bank president.
Either way, this was a tough moment for the administration. #Argentina already had one of the highest inflation rates in the world. Now, @Citi projects inflation of 18.5% in 2018 and 13% at the end of 2019.
They sold themselves as the best team in 50 years. A day after Congress approved the 2018 budget they changed the inflation goal by 50%, going from 8-12% to 15%. There is no plan, no predictability.
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