Latin America Publications
Below is a list of our Latin America Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Daily Monitor Andrés Abadía (Chief LatAm Economist)
- Economic activity is slowing as financial conditions tighten and agricultural output was hit by drought.
- Peru’s economic recovery is gaining momentum, driven by a strong labour market and mining output.
- Chile’s BCCh will cut rates but likely adopt a cautious approach, as geopolitical noise is mounting.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil — Fiscal reset amid policy shifts
- Mexico — Sheinbaum’s pragmatic economic shift?
- Colombia — Increased political noise hurting the economy
Andrés Abadía (Chief LatAm Economist)Latin America
- BCRP held interest rates steady, despite the recent improvement in inflation and economic uncertainty.
- Global geopolitical noise and unfavourable base effects have pushed policymakers to the sidelines.
- Mexico's industry is struggling amid construction issues and weak manufacturing demand.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s inflation data show subdued pressures but rising risk from oil prices and drought conditions.
- The retail sales decline signals economic headwinds as Brazil faces tighter financial conditions ahead.
- Banxico will keep cutting interest rates in Q4 as the inflation picture continues to improve.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mexico — Global issues and politics the key drags
- Colombia — Subdued due to fiscal noise
- Chile — Markets rise amid economic optimism
Andrés Abadía (Chief LatAm Economist)Latin America
- The gradual easing of inflation pressures continues in Colombia, despite temporary upside shocks.
- Political uncertainty and minimum-wage talks complicate BanRep’s ability to accelerate rate cuts.
- Chile’s inflation slowed in September, paving the way for further rate cuts amid energy-tariff uncertainty.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s exports are struggling as weak prices hit the mining/oil sectors and overall trade performance.
- Imports have surged, for the wrong reasons; domestic demand will ease soon.
- Domestic and external challenges are weighing on Mexico’s growth outlook.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s industrial output inches up in August, highlighting ongoing economic challenges.
- Moody’s upgrades Brazil’s credit rating, boosting confidence in economic reforms.
- Peru’s inflation rate drops to 1.8%, paving the way for further interest rate cuts.
Andrés Abadía (Chief LatAm Economist)Latin America
- Colombia’s BanRep cut interest rates again, signalling continued easing amid falling inflation.
- The Board adopted a more dovish stance, paving the way for an accelerated normalisation, if needed.
- Chile’s IMACEC index is sending mixed signals;mining shows signs of life but services struggle.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s unemployment rate drops to record low, indicating tight labour market conditions….
- …But economic indicators suggest potential job market slowdown as tight financial conditions bite.
- Chile’s August economic data was strong, yet leading indicators signal caution for future growth.
Andrés Abadía (Chief LatAm Economist)Latin America
- Inflation has been slowing rapidly in September, reinforcing our expectations for a stable Selic rate.
- Underlying pressures are still under control, and we expect the picture to remain benign in Q4.
- The current account deficit is widening amid falling exports, resilient imports and fiscal concerns.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mexico’s inflation decline paves the way for Banxico to cut rates at tomorrow’s meeting.
- Weak economic growth is pressuring policymakers to ease further, but political noise will remain a risk.
- Brazil’s COPOM minutes signal caution, suggesting limited rate hikes amid slowing growth.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mexico’s economy has started H2 on a solid footing, as temporary shocks fade and inflation falls…
- …But manufacturing remains under pressure and formal employment growth is slowing.
- Banxico’s upcoming rate decision has to balance inflation control and policy uncertainty.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s COPOM raised the Selic rate to 10.75% amid rising inflation risks and economic resilience.
- The market expects further rate hikes, but we see rates on hold as economic activity is faltering.
- Argentina’s GDP continued to fall in Q2 due to Mr. Milei’s reform efforts to put the economy on track.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil — Fiscal and policy challenges
- Mexico — Judicial reforms heighten political risk
- Colombia — Political turmoil clouds the economic outlook
Andrés Abadía (Chief LatAm Economist)Latin America
- Argentina’s inflation battle is far from over, despite some visible improvements.
- The government’s economic strategy will need to evolve to ensure lasting disinflation.
- The 2025 budget targets ambitious inflation goals amid economic uncertainty and market disparities.
Andrés Abadía (Chief LatAm Economist)Latin America
- The BCRP cut rates to 5.25%, maintaining a cautious approach amid inflation stabilisation and global risks.
- Real interest rates remain restrictive, despite easing, as inflation expectations align with the target.
- The narrowing rate differential with the Fed poses currency risk, but pressures are likely temporary.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mexico’s manufacturing struggles continue, as global demand and the outlook weaken.
- Political risk and judicial reforms spark market fears, threatening the industrial and capex recovery.
- Nearshoring benefits are delayed, and tight financial conditions and uncertainty weigh on manufacturing.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mexico — Headwinds amid reform uncertainty
- Colombia — Signs of recovery despite many headwinds
- Peru — Resilient despite global noise
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s inflation remains contained, but fiscal uncertainty and BRL depreciation are worrying.
- Food and energy prices provide temporary relief amid rising inflation expectations and policy noise.
- Colombia’s inflation has fallen sharply, strengthening the case for accelerated rate cuts from BanRep.
Andrés Abadía (Chief LatAm Economist)Latin America
