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Radar Report: Riding the rally

Inflation is expected to temporarily accelerate above the Bangko Sentral ng Pilipinas’s target in Q2 2024, but Metrobank Research believes that the central bank can afford to cut interest rates starting next year.
January 2, 2024 by Earl Andrew Aguirre
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The US Federal Reserve paused policy rates as expected at its December meeting and revised median yearend rate projections for 2024 and 2025 lower than previously forecasted. The BSP followed suit but retained its hawkish stance.

The peso government securities (GS) yield curve has flattened further, with the belly to the back end falling by more than 100 basis points from the year-to-date highs that followed the BSP’s off-cycle hike in late October.