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BCCh Minutes From Liftoff Meeting Due, Busy Data Docket

CHILE
  • At the bottom of the hour, the Chilean Central Bank will release the minutes from the July 14th meeting.
    • As a reminder the BCCh initiated lift-off with a 25bps hike to 0.75%.
    • Regarding inflation, the MPC did not appear alarmed, referencing that core CPI excl volatiles remains below the headline, remaining slightly above 3% annually.
    • The MPC stressed that the scenarios that defined the June inflation report policy rate corridor limits are now unlikely to materialise. The committee continue to anticipate that the monetary policy rate is to remain below its neutral value throughout the two-year policy horizon.
    • The statement was widely interpreted by analysts as being more dovish than expectations.
  • Following the minutes, a raft of data will be released:
    • 1400BST/0900ET: June unemployment rate; est. 10%, previous 10%
    • 1400BST/0900ET: June Retail Sales; est. 67%, previous 72.1%
    • 1400BST/0900ET: Manufacturing production June; est. 9.8%, previous 8.9%
    • 1400BST/0900ET: Industrial production June; no est., previous 3.5%
    • 1400BST/0900ET: June copper production; no est., previous 493.420t

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