This episode of Desayuno con Bancolombia covers financial and economic news from March 19. It begins with the Federal Reserve maintaining interest rates between 3.5% and 3.75% for the second consecutive meeting, emphasizing ongoing inflation risks and adjusting growth outlooks upward. The Fed anticipates only one 25-basis-point cut by 2026. U.S. producer inflation data surprised to the upside in February, reinforcing cautious tones and increasing market volatility. International equity markets saw declines in the U.S. and Europe, impacted by prolonged high rates and rising energy costs. In contrast, Asian markets performed better, driven by solid economic data and strength in the semiconductor sector. International fixed income, including U.S. Treasury bonds, also fell. In Colombia, the Colcap index retreated by about 25%, though it retains year-to-date gains, with Ecopetrol and Cibes Preferencia leading trading. Local public debt markets experienced high volatility and mixed signals, with peso-denominated curves appreciating but UBR-denominated ones depreciating amid weak auction demand and persistent uncertainty. The Colombian peso closed at 3,691.50 pesos per dollar, showing slight appreciation in a session marked by mixed movements and global dollar strength. The DANE released data showing Colombia's economic tracking index grew 1.5% annually in January, supported by the services sector but with weakness in construction and primary activities. Finally, Grupo Éxito announced it is ceding its retail operations in Argentina to focus on its real estate business in that country.
