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BCCh Minutes Reiterate Gradual Adjustment Pace Needed

CHILE
  • From the minutes release:
  • "All the five Board members agreed that an increase of 25 basis points in the MPR was sufficiently robust to the different scenarios that had been analyzed for the economy and, therefore, made it the best option. In fact, it was the dominant alternative for an economy showing a rate of recovery consistent with closing the activity gap faster than anticipated, but also with lower growth prospects for the medium term."
  • "Market prices had tended to internalize a process of monetary policy adjustment faster than was considered appropriate given the central scenario of the June Report"
  • "All the Board members agreed that medium-term risks and the need to understand more precisely the state of the labor market and the evolution of credit, made it convenient for the pace of monetary policy adjustment to be gradual."
  • Link to minutes - https://www.bcentral.cl/c/document_library/get_file?uuid=900e0376-671b-0c91-ebc6-a2331e11d1e4&groupId=33528
  • The next Monetary Policy Meeting will be held on Tuesday, 31 August 2021.
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