{"id":43718,"date":"2025-07-29T10:38:41","date_gmt":"2025-07-29T13:38:41","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-29-07-25\/"},"modified":"2025-07-29T10:40:30","modified_gmt":"2025-07-29T13:40:30","slug":"cmf-pre-market-29-07-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/","title":{"rendered":"CMF PRE-MARKET 29-07-25"},"content":{"rendered":"\n<p><strong><em>El Gobierno busca contener el tipo de cambio<\/em><\/strong><\/p>\n\n\n\n<p><em>La presi\u00f3n sobre el tipo de cambio de comienzos de julio, en conjunto con la volatilidad de tasas post-eliminaci\u00f3n de las LEFI termin\u00f3 por convencer al Gobierno que deb\u00eda intervenir de forma m\u00e1s activa para contener una suba inesperada que desancle expectativas. El equipo econ\u00f3mico insiste en que no interviene sobre la tasa de inter\u00e9s sino m\u00e1s bien sobre la liquidez del mercado monetario, en l\u00ednea con su nuevo r\u00e9gimen de control de agregados. Sin embargo, luce claro que el nivel de tipo de cambio tambi\u00e9n juega un papel fundamental a la hora de decidir la intervenci\u00f3n. He aqu\u00ed el motivo por el cual el Gobierno se mantiene activo en la rueda REPO pagando tasas por encima del 40% para retirar pesos del mercado. Otra se\u00f1al que muestra la tendencia del Gobierno a contener la suba de la divisa norteamericana es la oferta de bonos DL en la licitaci\u00f3n del d\u00eda de hoy, donde el Tesoro deber\u00e1 renovar vencimientos por $11,8 billones. Los datos de alta frecuencia no parecen mostrar un traslado a precios significativo, sino m\u00e1s bien una pausa en la desinflaci\u00f3n observada en mayo y junio. <strong>La inflaci\u00f3n de julio revelar\u00e1 cu\u00e1l es el nivel de pass-through de la nueva econom\u00eda argentina.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el d\u00f3lar oficial (A3500) abre la rueda en zona de $1.295.<\/li>\n\n\n\n<li><strong>Confianza en el Gobierno: <\/strong>de acuerdo con estimaciones de Poliarqu\u00eda para UTDT, la Confianza en el Gobierno aument\u00f3 en julio 4,9% respecto de junio, volviendo a su nivel de mayo. En el a\u00f1o 2025, el \u00edndice acumula una ca\u00edda de 4,2 puntos porcentuales.<\/li>\n\n\n\n<li><strong>Volatilidad de tasas: <\/strong>ayer, el Banco Central volvi\u00f3 a tomar pases pasivos en la rueda REPO de A3, pagando tasas de hasta 51% TNA. Hoy, se llevar\u00e1 a cabo la \u00faltima licitaci\u00f3n de julio, en la que el Tesoro enfrentar\u00e1 vencimientos por $11,8 billones. Ofrecer\u00e1 seis t\u00edtulos de tasa fija, cuatro bonos <em>dollar-linked <\/em>cortos y un bono CER a octubre 2026.<\/li>\n\n\n\n<li><strong>Contexto internacional:<\/strong> Francia y Alemania se manifestaron en contra del acuerdo entre EE.UU. y la Uni\u00f3n Europea, mientras otros pa\u00edses del bloque rescatan que el arancel del 15% es mejor que desatar una guerra comercial con la potencia norteamericana. El mercado parece coincidir con estos \u00faltimos y vuelve a operar al alza en todos los grandes \u00edndices europeos, con el DAX y el CAC ganando 1,30%. El d\u00f3lar mantiene la apreciaci\u00f3n contra el euro iniciada luego del acuerdo, aunque la moneda europea todav\u00eda se mantiene 11% por encima del nivel de comienzos de a\u00f1o.<\/li>\n<\/ul>\n\n\n\n<p><strong>Este informe ha sido elaborado a t\u00edtulo informativo. El presente NO debe ser tomado como una recomendaci\u00f3n o instrucci\u00f3n, y no reviste car\u00e1cter de ofertas de productos y\/o servicios ni solicitud de orden&nbsp;de compra y\/o venta. Banco CMF S.A. no ser\u00e1 responsable por ning\u00fan error y\/u omisi\u00f3n del contenido.<\/strong><\/p>\n\n\n\n<p><strong><em>Copyright \u00a9 2017 Banco CMF S.A. All rights reserved.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Gobierno busca contener el tipo de cambio La presi\u00f3n sobre el tipo de cambio de comienzos de julio, en conjunto con la volatilidad de tasas post-eliminaci\u00f3n de las LEFI termin\u00f3 por convencer al Gobierno que deb\u00eda intervenir de forma m\u00e1s activa para contener una suba inesperada que desancle expectativas. El equipo econ\u00f3mico insiste en que no interviene sobre la tasa de inter\u00e9s sino m\u00e1s bien sobre la liquidez del mercado monetario, en l\u00ednea con su nuevo r\u00e9gimen de control de agregados. Sin embargo, luce claro que el nivel de tipo de cambio tambi\u00e9n juega un papel fundamental a la [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_joinchat":[],"footnotes":""},"categories":[56],"tags":[],"class_list":["post-43718","post","type-post","status-publish","format-standard","hentry","category-pre-market-daily-close-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMF PRE-MARKET 29-07-25<\/title>\n<meta name=\"description\" content=\"CMF PRE-MARKET 29-07-25\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CMF PRE-MARKET 29-07-25\" \/>\n<meta property=\"og:description\" content=\"CMF PRE-MARKET 29-07-25\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\" \/>\n<meta property=\"og:site_name\" content=\"Banco CMF\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BancoCMF\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-29T13:38:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-29T13:40:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bancocmf.com.ar\/wp-content\/uploads\/Cmf-Logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"254\" \/>\n\t<meta property=\"og:image:height\" content=\"106\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Franco Adrian Berra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BancoCMF\" \/>\n<meta name=\"twitter:site\" content=\"@BancoCMF\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Franco Adrian Berra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\"},\"author\":{\"name\":\"Franco Adrian Berra\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/#\/schema\/person\/efebf4507badcb7acbb9052bad2d8ad2\"},\"headline\":\"CMF PRE-MARKET 29-07-25\",\"datePublished\":\"2025-07-29T13:38:41+00:00\",\"dateModified\":\"2025-07-29T13:40:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\"},\"wordCount\":517,\"publisher\":{\"@id\":\"https:\/\/www.bancocmf.com.ar\/#organization\"},\"articleSection\":[\"Pre Market &amp; Daily Close\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\",\"url\":\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\",\"name\":\"CMF PRE-MARKET 29-07-25\",\"isPartOf\":{\"@id\":\"https:\/\/www.bancocmf.com.ar\/#website\"},\"datePublished\":\"2025-07-29T13:38:41+00:00\",\"dateModified\":\"2025-07-29T13:40:30+00:00\",\"description\":\"CMF PRE-MARKET 29-07-25\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/#website\",\"url\":\"https:\/\/www.bancocmf.com.ar\/\",\"name\":\"Banco CMF\",\"description\":\"Valor es conocerte\",\"publisher\":{\"@id\":\"https:\/\/www.bancocmf.com.ar\/#organization\"},\"alternateName\":\"CMF\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.bancocmf.com.ar\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/#organization\",\"name\":\"Banco CMF\",\"alternateName\":\"CMF\",\"url\":\"https:\/\/www.bancocmf.com.ar\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/#\/schema\/logo\/image\/\",\"url\":\"\/wp-content\/uploads\/2023\/12\/cmf-banco-corporativo.png\",\"contentUrl\":\"\/wp-content\/uploads\/2023\/12\/cmf-banco-corporativo.png\",\"width\":254,\"height\":106,\"caption\":\"Banco CMF\"},\"image\":{\"@id\":\"https:\/\/www.bancocmf.com.ar\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/BancoCMF\",\"https:\/\/x.com\/BancoCMF\",\"https:\/\/www.linkedin.com\/company\/bancocmf\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.bancocmf.com.ar\/#\/schema\/person\/efebf4507badcb7acbb9052bad2d8ad2\",\"name\":\"Franco Adrian Berra\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/2e32d350e972c7bf02640d41e09497adfa7f15b6315c0b857fd4b9011e40291b?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2e32d350e972c7bf02640d41e09497adfa7f15b6315c0b857fd4b9011e40291b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2e32d350e972c7bf02640d41e09497adfa7f15b6315c0b857fd4b9011e40291b?s=96&d=mm&r=g\",\"caption\":\"Franco Adrian Berra\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CMF PRE-MARKET 29-07-25","description":"CMF PRE-MARKET 29-07-25","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/","og_locale":"en_US","og_type":"article","og_title":"CMF PRE-MARKET 29-07-25","og_description":"CMF PRE-MARKET 29-07-25","og_url":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/","og_site_name":"Banco CMF","article_publisher":"https:\/\/www.facebook.com\/BancoCMF","article_published_time":"2025-07-29T13:38:41+00:00","article_modified_time":"2025-07-29T13:40:30+00:00","og_image":[{"width":254,"height":106,"url":"https:\/\/www.bancocmf.com.ar\/wp-content\/uploads\/Cmf-Logo.png","type":"image\/png"}],"author":"Franco Adrian Berra","twitter_card":"summary_large_image","twitter_creator":"@BancoCMF","twitter_site":"@BancoCMF","twitter_misc":{"Written by":"Franco Adrian Berra","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/#article","isPartOf":{"@id":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/"},"author":{"name":"Franco Adrian Berra","@id":"https:\/\/www.bancocmf.com.ar\/#\/schema\/person\/efebf4507badcb7acbb9052bad2d8ad2"},"headline":"CMF PRE-MARKET 29-07-25","datePublished":"2025-07-29T13:38:41+00:00","dateModified":"2025-07-29T13:40:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/"},"wordCount":517,"publisher":{"@id":"https:\/\/www.bancocmf.com.ar\/#organization"},"articleSection":["Pre Market &amp; Daily Close"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/","url":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/","name":"CMF PRE-MARKET 29-07-25","isPartOf":{"@id":"https:\/\/www.bancocmf.com.ar\/#website"},"datePublished":"2025-07-29T13:38:41+00:00","dateModified":"2025-07-29T13:40:30+00:00","description":"CMF PRE-MARKET 29-07-25","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-29-07-25\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.bancocmf.com.ar\/#website","url":"https:\/\/www.bancocmf.com.ar\/","name":"Banco CMF","description":"Valor es conocerte","publisher":{"@id":"https:\/\/www.bancocmf.com.ar\/#organization"},"alternateName":"CMF","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bancocmf.com.ar\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bancocmf.com.ar\/#organization","name":"Banco CMF","alternateName":"CMF","url":"https:\/\/www.bancocmf.com.ar\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bancocmf.com.ar\/#\/schema\/logo\/image\/","url":"\/wp-content\/uploads\/2023\/12\/cmf-banco-corporativo.png","contentUrl":"\/wp-content\/uploads\/2023\/12\/cmf-banco-corporativo.png","width":254,"height":106,"caption":"Banco CMF"},"image":{"@id":"https:\/\/www.bancocmf.com.ar\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/BancoCMF","https:\/\/x.com\/BancoCMF","https:\/\/www.linkedin.com\/company\/bancocmf\/"]},{"@type":"Person","@id":"https:\/\/www.bancocmf.com.ar\/#\/schema\/person\/efebf4507badcb7acbb9052bad2d8ad2","name":"Franco Adrian Berra","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/2e32d350e972c7bf02640d41e09497adfa7f15b6315c0b857fd4b9011e40291b?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/2e32d350e972c7bf02640d41e09497adfa7f15b6315c0b857fd4b9011e40291b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2e32d350e972c7bf02640d41e09497adfa7f15b6315c0b857fd4b9011e40291b?s=96&d=mm&r=g","caption":"Franco Adrian Berra"}}]}},"author_meta":{"display_name":"Franco Adrian Berra","author_link":"https:\/\/www.bancocmf.com.ar\/en\/author\/fberra\/"},"featured_img":null,"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"gs-tiny":false,"xl":false,"xxl":false,"xxxl":false,"xxxxl":false,"xxxxxl":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"Franco Adrian Berra","author_link":"https:\/\/www.bancocmf.com.ar\/en\/author\/fberra\/"},"uagb_comment_info":0,"uagb_excerpt":"El Gobierno busca contener el tipo de cambio La presi\u00f3n sobre el tipo de cambio de comienzos de julio, en conjunto con la volatilidad de tasas post-eliminaci\u00f3n de las LEFI termin\u00f3 por convencer al Gobierno que deb\u00eda intervenir de forma m\u00e1s activa para contener una suba inesperada que desancle expectativas. El equipo econ\u00f3mico insiste en&hellip;","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.bancocmf.com.ar\/en\/category\/pre-market-daily-close-en\/\" class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/span>"]}},"comment_count":0,"relative_dates":{"created":"Posted 9 months ago","modified":"Updated 9 months ago"},"absolute_dates":{"created":"Posted on July 29, 2025","modified":"Updated on July 29, 2025"},"absolute_dates_time":{"created":"Posted on July 29, 2025 10:38 am","modified":"Updated on July 29, 2025 10:40 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/43718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/comments?post=43718"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/43718\/revisions"}],"predecessor-version":[{"id":43719,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/43718\/revisions\/43719"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=43718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=43718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=43718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}