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All BCCh Board Members Saw A Hold As Only Plausible Option

CHILE
  • BCCh Minutes of the April meeting released: https://www.bcentral.cl/c/document_library/get_fil...
  • CHILE CENBANK: NO EVIDENCE THAT CPI CONVERGENCE IS CONSOLIDATED (BBG)
    "All five Board members agreed that, from the analysis of the background information submitted in the preparation of the March MP Report, it could be concluded that there was still no evidence of consolidation of said inflationary convergence."
  • "...all the Board members agreed that the only plausible option was to keep the policy rate at 11.25%."
  • "The five Board Members agreed that the economic scenario posed significant risks. On the one hand, inflation was at risk of becoming more persistent. In such a situation, the Bank would have to respond with a particularly aggressive and contractionary monetary policy.
  • CHILE CENBANK TO ACT W/FLEXIBILITY IN CASE THAT RISKS EMERGE (BBG)
  • "There were risk scenarios in which the international situation could deteriorate abruptly and sharply. In such case, the Bank would have to aggressively lower the MPR."
  • "...there was agreement that the Bank should act with flexibility in the event that any of the internal or external risks materialized and macroeconomic conditions so required."
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