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BCCh Minutes Due Friday, Fragile Political Backdrop Lingers

CHILE
  • CHILE - A quiet start to the week on the domestic data front should leave local assets at the mercy of broader trends approaching Wednesday's FOMC decision. On Friday, we will see Unemployment Rate, Retail Sales and production data. Additionally, on Friday, the BCCh will release their minutes from the July 14 meeting.
    • Despite implementing the first rate hike to 0.75%, the accompanying statement was considered marginally more dovish than expected.
    • Analysts will likely be focusing on potential discussions about the set of conditions that could lead to a faster and more front-loaded policy normalisation path.
  • Politics Likely To Linger In The Background
  • Chile's fixed-income market boost following the presidential primary elections failed to last with yields resuming their upward climb last Tuesday.
  • Yields fell as much as 40 basis points immediately after the elections in which Communist candidate Daniel Jadue unexpectedly lost, making way for Gabriel Boric, a slightly more moderate left-wing candidate.
  • The yield for Chile's 2030 peso-denominated bond rose as much as 28 basis points between Monday and Friday, while the yield for the CPI-linked BTU 2026 rose 21 basis points in the same period. (BBG)
  • "Prices are likely to keep falling because populism is still too strong, and this could easily turn into another round of pension fund withdrawals or other market-unfriendly policies," one local brokerage firm commented.
EM BulletHomepageChina Market NewsBulletEmerging Market News
EM BulletHomepageChina Market NewsBulletEmerging Market News

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