Elevated inflation pressures, with April consumer prices rising 5.68% and the central bank’s staff projecting a climb above 6% by year-end against the 3% target, are sustaining a tight contest between no-change and rate-hike outcomes for the Banco de la República’s June policy decision. Persistent core readings above 5.5% and robust domestic demand have kept calls alive for a further 25-to-50 basis point increase to the 11.25% benchmark, yet the unanimous April hold has introduced caution as policymakers weigh moderating growth and fiscal stimulus effects. Recent data revisions and the upcoming May inflation release remain the key swing factors that could tilt trader consensus either toward continued stability or additional tightening in the near term.