The market's reaction after the Butlan decision summarizes the whole story.


You see the "disinflation begins" sign in the window, but inside, all pricing is being redone from scratch.
In the five-year inflation expectation, which has been barely held at 27% for a year, we saw 32% overnight.
There is no relief until the target falls below 23%.
When the data presented at the table does not match the realities happening in the background, the bill is always heavy.
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