Board members of Colombia's central bank are expected to opt for a smaller rate cut when they meet on Friday on uncertainty around inflation, the nation's fiscal situation and policy moves by the U.S.

The Federal Reserve will almost certainly begin 2025 by keeping interest rates on hold at between 4.25 to 4.5 per cent.

Argentina's central bank cut its benchmark interest rate by 300 basis points to settle at 29%, it announced in a statement on Thursday, as inflation continues its downward path in South America's No.

The nation's central bank held interest rates steady in its first decision of the year. On Wednesday, the Federal Open Market Committee announced that it would maintain the Federal Reserve's target rate following a series of rate cuts at the end of 2024.

The Fed signaled as much at its last meeting in December, when the central bank delivered an interest cut, but hinted that it would take its foot off the gas. Stocks tumbled on th

The U.S. dollar was firmer against major currencies on Wednesday as investors awaited the Federal Reserve's monetary policy decision, as well as clues on the trajectory of interest rates this year. The Fed is widely expected to hold interest rates steady at the end of its first policy meeting of the year on Wednesday.

The US Federal Reserve also noted that inflation remains "somewhat elevated, and economic outlook is uncertain".