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- Full release of the Chilean Central Bank minutes from the August 31 meeting:
- "Consistent with this assessment, and because the starting point was exceptionally low for the MPR, the Board concurred that it was necessary to implement a rapid adjustment of the monetary impulse that would bring the policy rate close to its neutral value by the middle of the first half of 2022. Considering the frequency of the monetary policy meetings under the rules in place since 2018, this translated into the MPR needing to be raised by between 50 and 75 basis points (bp) over several meetings, making them the plausible options for this occasion."
- Discussion of whether a 50bps might be more appropriate to suit market expectations countered by:
- "Several Board members pointed out that, while the decision of a 75bp hike might surprise the market, it was totally consistent with a scenario where inflation and projected growth were also higher than what the average analyst assumed. In addition, such a choice had the advantage of supporting a more effective communication regarding a rate path that ran clearly above what the market was considering at the time."