COP – In COP flows, we saw inflows from local RM and outflows from offshore RM in cash. Our trader Santiago thinks the underperformance yesterday was driven mainly by COLTES outflows, so we saw a preference for USD buying, and today we’re just seeing a normalization of that move. Level to watch next is 3990. Colombia will report CPI tonight, we expect January CPI to rise 0.82% MoM, and core by 0.84% MoM. Our call is below consensus per our expectations survey, with the average respondent calling for a 0.96% MoM increase in headline, and a 1.01% MoM increase in core. We expect a drop to allow inflation expectations to trend down further, allowing Banrep to continue its cutting cycle with a 50bps move in the next policy meeting, scheduled for March 22nd.