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Published on Monday, September 15, 2014 | Updated on Monday, September 15, 2014

The minutes of the latest MP meeting in Colombia were in line with our expectations of a pause

In Brazil activity data regained some momentum in July; we believe that this growth is not a sign of a sustainable recovery, although indications are that growth will not be as weak in 3Q14 as in the previous quarter. The minutes of the latest PM meeting in Colombia were in line with our expectations of a pause until May 2015; some members considered the recent rise in monetary policy rate was unnecessary.