Financial Markets Report - Second Quarter 2023

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dc.audienceTeacherseng
dc.audienceStudentseng
dc.audiencePolicymakerseng
dc.audienceResearcheng
dc.creatorVargas-Herrera, Hernando
dc.creatorMurcia-Pabón, Andrés
dc.creatorCabrera-Rodríguez, Wilmar-Alexander
dc.creatorSymington Alzate, Philip Rory
dc.creatorAriza-Murillo, Sara
dc.creatorBarreto-Ramírez, Ittza Alejandra
dc.creatorBotero-Ramírez, Oscar David
dc.creatorLeón-Díaz, Laura Viviana
dc.creatorMartínez-Cruz, Diego Alejandro
dc.creatorOrozco-Vanegas, Camilo Andrés
dc.creatorRuiz-Cardozo, Cristhian Hernando
dc.creatorCastrillón-Bello, Yenny Paola
dc.creatorMiranda-Fonseca, Mayra Alejandra
dc.creatorVillalobos-González, Gabriela Andrea
dc.date.accessioned2024-07-22T21:55:28Zspa
dc.date.available2024-07-22T21:55:28Zspa
dc.date.created2024-07-22spa
dc.descriptionThroughout the second quarter of the year, high inflation levels continued to ease, benefiting both the local public debt and that of counterparts in the region (Brazil, Mexico, Chile, and Peru). Conversely, amid stronger-than-anticipated economic activity in developed economies and expectations of a more contractionary monetary policy path, public debt in these countries depreciated. Riskier assets were favored by an increase in risk appetite. Global inflationary pressures remain high, although showing a downward trend, while economic activity demonstrated greater resilience than expected. Major central banks of developed economies continued their cycle of interest rate hikes, with markets pricing in further increases for the remainder of the year, and public debt securities devalued. Consumer price indices continued to reflect a downward trend in most countries, largely attributed to reduced supply-side pressures. Market inflation expectations also fell. Riskier assets, such as equities, performed favorably due to improved risk appetite, which had been affected in the previous quarter by adverse events in US regional banking and Credit Suisse in Europe, and subsequently by the uncertainty surrounding US debt ceiling negotiations. Locally, market participants anticipate the conclusion of Banco de la República (the Central Bank of Colombia - Banrep) interest rate hiking cycle, and public debt securities appreciated. Local public debt performed favorably, outperforming regional peers, in line with lower inflation expectations and the prospect of concluding the tightening cycle in Banrep's Monetary Policy Rate (MPR), coupled with an increase in local risk appetite. Long-term securities outperformed short-term ones, therefore, flattening the yield curve. Foreign investors accentuated their selling trend of local currency public debt securities. Nevertheless, they remain the second-largest holders of these assets, trailing behind local pension funds, which have made significant purchases of these securities so far this year. The money market continued to operate adequately, and the overnight benchmark interbank rate (IBR in Spanish) closely tracked the MPR established by the Banrep’s Board of Directors (BDBR), partly due to the Banrep’s liquidity provisions to the market. Banrep offered repurchase agreements (repos) at multiple maturities and engage in purchases in the public debt market to provide permanent liquidity to the economy and prevent the IBR from deviating from the MPR. In the foreign exchange market, the Colombian peso appreciated above its regional peers. The exchange rate reached unseen levels since mid-last year, in line with increased local risk appetite and flows that influenced its behavior. Nonetheless, the level remains divergent from those exhibited by currencies of peer countries in the region when considering a longer time horizon. Boxes Box 1: Factors that may influence the Resistance to Inversion of the Yield Curve in Colombia Box 2: Central Bank Asset Purchases in Response to the Covid-19 Crisiseng
dc.format.extent83 páginas: imágenes, gráficosspa
dc.format.mimetypePDFeng
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/10846spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/10846spa
dc.language.isoengeng
dc.publisherBanco de la Repúblicaspa
dc.relation.anxdoihttps://doi.org/10.32468/rmf.eng2-trim.rec1.2023eng
dc.relation.anxdoihttps://doi.org/10.32468/rmf.eng2-trim.rec2.2023spa
dc.relation.anxshortdoihttps://doi.org/m9jvspa
dc.relation.anxshortdoihttps://doi.org/m9jwspa
dc.relation.doihttps://doi.org/10.32468/rmf.eng2-trim.2023spa
dc.relation.ispartofReportes, Boletines e Informesspa
dc.relation.isversionofFinancial Markets Report - Second Quarter 2023spa
dc.relation.portalhttps://www.banrep.gov.co/en/publications-research/financial-markets-report/second-quarter-2023 spa
dc.relation.shortdoihttps://doi.org/m9jtspa
dc.rights.HabeasDatos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, cargo, entre otros) en el Reporte, informe o boletín y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación del documento en el Repositorio Institucional, dar a conocer su medio de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal del Banco de la República. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.spa
dc.rights.ObjetoObjeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal del Banco de la República e incluirla en el Repositorio Institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.spa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.subjectMercado financierospa
dc.subjectInstituciones financierasspa
dc.subjectColombiaspa
dc.subject.brtema8. Sector monetario y financierospa
dc.subject.jelG1 - General Financial Marketseng
dc.subject.jelG2 - Financial Institutions and Serviceseng
dc.subject.jelspaG1 - Mercados financieros en generalspa
dc.subject.jelspaG2 - Instituciones y servicios financierosspa
dc.subject.keywordFinancial institutionseng
dc.subject.keywordFinancial marketseng
dc.subject.keywordColombiaeng
dc.subject.lembSector monetario y financiero -- Colombiaspa
dc.subject.lembEstabilidad financiera -- Colombiaspa
dc.titleFinancial Markets Report - Second Quarter 2023eng
dc.typeReporteng
dc.type.hasversionPublished Versioneng
dc.type.spaInformespa

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