On the previous day, the rates of the stock market bond one day had shot up to 65% TNA, but after the emergency tender of the treasure they fell strongly.
He market put the eye in the rates of the curve in pesos but more specifically in the Stock sacks that, after the elimination of Lefisended up being the place where the liquidity of the market overturned. On the previous day, one day rates had shot up to 65% TNA but after the emergency tender of the treasure they fell strongly. Today they open up again.
The Stock sacks one day operateon this day, in 38.5% TNA, and market operators ensure that this level could be the new roof. On the previous day they jumped up to 65% TNA but on the closure they lowered greatly. This was due, according to the City sources, to the change in the compliance required by the Central Bank (BCRA) on the lace that was previously the monthly average and is now daily.
This implies that If they receive weights at the end of the day and cannot immediately place them (for example, in passes or investments), They are left without performance, because those “leftover” weights do not count for lace and do not generate interest. The result: they stop taking deposits or funds at a certain time. This generates an excess of momentary liquidity (there is a lot of supply and little demand) and distorts rates or volumes (as happened yesterday on the closure).
The focus of the market: at what level the rates will be accommodated
As for the volatility of the rates, Juan Manuel Francochief economist SBS groupreviewed what happened in recent weeks: “The local market has the focus markedly about interest rates in pesos, with just over a month of new scheme without Lefis. The management of monetary policy based on aggregates, we believe, will have as a axis at the exchange rate, specifically to avoid shocks that could compromise the nominality of the economy for the elections. “
For this expert, The modifications on lace and other regulations “will play a key role”, and it is still expected how the system is accommodated to the liquidity conditions after the tender out of Monday on Monday that is settled this Tuesday, and that will absorb $ 3.8 billion. “From here in more, the focus will be in liquidity and rates, and we believe that, at least to the elections, the monetary scheme will be marked by discretion by the economic team to avoid nominal shocks,” Franco underlined again.
On Monday, in the tender outside the exclusive calendar to banks, The treasure placed $ 3.79 billion in the new indexed instrument at the Tamar+1% rate. Of the $ 5.9 billion that beat last week after an insufficient rollover, $ 3.79 billion were absorbed by this new instrument to comply with the increase in paid lace.
“As the economic team has pointed out, these measures are in part transitory and seek to limit the” demand for money “, basically understood as pressures on the exchange rate. What attracts attention is that, even though the economic team maintains that the Pass-Through practically no longer exists, monetary policy continues to harden To restrict the demand for money and, above all, contain pressures on the dollar, “they explained from Max Capital.
Source: Ambito
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