Nominal and real interest rates have continued their upward trend in the March-April period. Inflation expectations, however, have shown varied changes during this time.
Overall lending activity remains robust but varies across different segments. The annual growth of monetary aggregates saw an acceleration in April. This was attributed to the rescheduling of some tax payments to early May. Even after adjusting for this factor, the growth rate remains higher than the levels observed between 2017 and 2019.
Further information can be found in the analytical commentary titled "Monetary Conditions and Monetary Policy Transmission Mechanism."