Yields on Colombia’s peso bonds held at a one-week low on speculation the central bank will leave interest rates unchanged amid lower inflation forecasts.

The yield on Colombia’s 10 percent bonds due in July 2024 was little changed at 7.57 percent as of 10:02 a.m. in Bogota, according to the stock exchange. That’s the lowest level since Dec. 9. The bond’s price rose 0.04 centavo to 119.260 centavos per peso.

Banco de la Republica will leave the benchmark lending rate at 4.75 percent when policy makers meet today in Bogota, according to 26 of 32 economists in a Bloomberg survey. Six economists expect the central bank to raise the key rate for a second straight month by a quarter percentage point to 5 percent. The press conference will begin at 1 p.m. New York time, the bank said in a statement today.

“Last month’s hike helped anchor inflation expectations,” said Omar Escorcia, an analyst at Asesores en Valores SA brokerage in Bogota. “That will give Banco de la Republica room to gauge the impact of Europe on the economy” before likely raising rates in April, he said.

The gap between yields on government inflation-indexed bonds due 2013 and similar-maturity fixed-rate debt, a gauge of annual consumer price increase expectations, fell to 3.68 percentage points from 3.91 on Nov. 17.

Banco de la Republica said in minutes of the November meeting that it raised rates to bolster its credibility after “strong” growth drove up inflation expectations.

The peso was little changed at 1,935 per U.S. dollar, from 1,935.61 yesterday. The currency has slipped 0.5 percent this week.