U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Bank of Canada Holds Interest Rate at 2.25% Amid Trade and Global Uncertainty 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Federal Reserve Faces Subpoena Delay Amid Investigation Into Chair Jerome Powell 
Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound 
Bank of Japan Signals Cautious Path Toward Further Rate Hikes Amid Yen Weakness 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
China Holds Loan Prime Rates Steady in January as Market Expectations Align 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Colombia’s central bank raised its monetary policy rate for the 10th straight month in a row, in a bid to curb inflation, reiterating its statement from May that it must ensure that the recent shocks to inflation remain temporary and inflation converges towards its target in 2017.
The Central Bank of Colombia raised its policy rate by another 25 basis points to 7.50 percent, as expected, and has now raised it by 300 points since embarking on a tightening cycle in September 2015. This year it has raised its key rate by 175 points.
"Increases in food prices and the pass-through of nominal depreciation to consumer prices continue to exert inflationary pressures," the central bank said in its monetary policy statement Thursday.
Colombia’s headline inflation rate rose to 8.2 percent in May from 7.93 percent in April, with the central bank again noting that the impact of the El Nino weather pattern on food prices and the magnitude of the depreciation of the peso had moved inflation and inflation expectations away from its target and also triggered indexation mechanisms.
But core inflation eased to 6.55 percent in May from 6.69 percent and expectations embedded in public debt bonds for 2, 3 and 5 years eased to 4.0 percent and 4.5 percent from 4.3 percent and 4.7 percent in May. The central bank targets inflation of 3.0 percent and Colombia’s government earlier this month raised its inflation forecast for this year to 6.5 percent.
"Our central scenario contemplates that the repo rate should be keep at the current level for the rest of the year," BBVA Research said in its research note.
Meanwhile, Colombia’s economy has been slowed due to poor pricing in oil and commodity sector with annual growth the first quarter of 2.5 percent, down from 3.4 percent in the previous quarter as domestic demand eased less than market expectations.
The Board will continue to monitor the expected adjustment of expenditure and its consistency with the long-term income level, the sustainability of the external deficit, and, in general, macroeconomic stability. Similarly, it reaffirms its commitment to maintain inflation and its expectations anchored to the target, acknowledging that there has been a transitory increase in inflation.
