4  context of an upward trend of the federal funds rate and a situation of high uncertainty to a large degree originating from potential policy actions in several fronts in the United States. On the other hand, absence of significant demand pressures on prices and the perspective of a weakening of economic activity. What has been the monetary policy response?
Since late 2015, within the framework of an inflation targeting regime, the target for the overnight interbank rate has been raised by 400 basis points, to a level of 7.0 percent. This response is explained by a combination of factors: 1. The increase in interest rates in the United States.