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BCCh Governor Costa Rules Out Emergency Meeting

CHILE
  • Chile’s central bank head Rosanna Costa ruled out an emergency meeting to address the high January inflation numbers and warned of higher interest rates at the next policy meeting in March, according to La Tercera. (BBG)
  • “We’re concerned about the evolution of inflation and this is going to require adjustments in monetary policy,” the newspaper cited Costa as saying, “Achieving convergence to the target will require a different monetary policy.”
  • Costa suggested markets have reacted in “the right direction” toward a “more restrictive monetary policy,” essentially ruling out the possibility of acting on monetary policy before the scheduled meeting on March 29.
  • More information and analysis are also needed before the next meeting in March. “January’s CPI is a record that is indicating that higher rates are required than those we had contemplated earlier.” (BBG)
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