The decision by Colombia’s central bank to maintain rather than step up the pace of easing at this week’s policy meeting suggests that officials there are increasingly worried about the fiscal situation. Elsewhere, Chile's budget deficit widened to a multi-year high in August and we think it will be very difficult for the government to meet its deficit target for this year. Finally, Moody's upgraded Brazil’s credit rating this week but we don’t share the rating agency's optimistic tone on growth and the public finances.
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