federal Reserve The US government on Wednesday raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25%, and new projections indicate borrowing costs will rise to 4.40% by the end of the year. . eventually reached 4.60% in 2023.
Monetary tightening in the US brought with it a new downward trend for stocks and bonds, which crossed borders. Key indicators on the New York Stock Exchange declined between 0.4% and 1.4% this Thursday, a trend that followed in ADRs and Argentine shares traded in dollars in those markets.
What led to the decline in Argentina’s private securities? Globant (-8.5%), Despegar (-7.3%) and Mercado Libre (-4.2%).
Calculating the US central bank’s quarterly estimates a GDP growth slows to 0.2% this year To recover for 1.2% expansion in 2023, far below production capacity.
In addition, the unit expects the unemployment rate to rise to 3.8% this year and to 4.4% in 2023. On the other hand, inflation will gradually return to the Fed’s 2% target in 2025. Till then no interest rate cut is expected. 2024.
With foreign legislation, bonds denominated in Argentine dollars fell an average of 2%, according to the exchange’s reference to globals, while country at risk JPMorgan, which measures the rate differential of US Treasury bonds with its emerging peers, climbed 37 units for Argentina, 2,434 points Basics 5:05 p.m.
Major indices on the Buenos Aires Stock Exchange The S&P Merval rose 1.7% to the peso at 149,480, Thanks to the purchase of energy papers, although it should be noted that this increase becomes a decline if it is measured in dollars “liquidated with cash”.
President Alberto Fernandez At the end of his visit to the United States this Wednesday he announced that over the next few days he will send a bill to Congress to boost investment in the energy sector, which the country needs to address a serious deficit.
Financial businesses are attentive to the challenges of the complex domestic economy, which was recently taken over by the Minister of the Region serge massaAt a time when emerging countries are suffering from rising rates federal Reserve and other central banks.
“We are immersed in an inflationary inertia that is difficult to break (…) The official dollar can no longer hold back against inflation,” said the economist federico furious, Given the expectation of devaluation, “the social context in which we live would require a stabilization program (…).”
In addition to galloping inflation and exchange rate pressures, there is a high fiscal deficit and internal political tensions, which affect future investments in the assets of the Argentine economy.
The most important agricultural export chambers in Argentina reported that from 1 to 21 September, approximately $5,130 million had been settled, a record product of recognition of 200 pesos for those selling their soybeans by the end of the month.