In this ongoing dialogue that we maintain, for which we thank you very much, we stop along the way to look (briefly) at various problems in the world.

First. In July and August, annual inflation in the US rose from 3% to 3.7%, and the FED (Central Bank) was faced with the dilemma of raising interest rates immediately, giving a signal that it has not slowed down in its fight against rising prices aiming to reach 2%, or wait until November to finally achieve it. On Thursday it was decided: keep interest rates on hold (seems like a bad decision to me)… it is still generally believed that by 2024 (end of Q1?) rates could start to fall once they reach (hopefully ) their target.

Two. Oil exceeded 90 dollars per barrel. It is a very broad market (the most global product), but very unstable, because it is affected by economic, geopolitical circumstances, nature and more. Just two months ago it was around $65, but since then Russia and Saudi Arabia have announced production cuts to support prices, in the US oil fracking companies have cut their production outlook, climate concerns and more. Do not be surprised that at some moments it exceeds 100 dollars, and at other times it goes down to 60 dollars, which is why our public finances must be managed very carefully.

Three. Close to the election. Some factors to consider: 50% of voters are under 35 (and their specific interests will prevail, like the environment or depoliticization), the Coast votes more “left” and the Sierra “right” ” (unlike historically until recently) , the El Niño phenomenon will already have a greater impact on October 15, uncertainty, discussion on Sunday 1.

four. International reserves continue to fall from more than 9,000 to less than 7,000 million. It’s like working capital in a business or cash in your family: they fall because there are more outflows (expenses) than income. This is what is happening with the country: in recent months, more dollars have gone out (debt repayments, imports, etc.) than income (the brake on oil, etc.). A few years ago the situation was very dangerous because we were only at 2,000 or 3,000 million, today we are more comfortable, but be careful. Fears about the risks of a government “taking” reserves, or applying various mechanisms that can dangerously affect them (and the economy) are also deepening (there are various proposals and interpretations: ecuadors, expansion of the ECB’s balance sheet, etc.).

Five. Liquidity is weak and hence the “war” between financial institutions over (very high) interest rates. It is a matter of concern for both institutions and clients.

Six. Look at the other problems: the shameful insecurity that kills so many people and burdens businesses, the slowdown of the Chinese economy, the El Niño phenomenon, the delicate fiscal situation, the constant and successful effort to export to the world, inflation that has risen due to climate difficulties in agriculture, but is still lower but in other countries, technology that never ceases to surprise us. And more… A complicated world, but a world moving forward… (OR)