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BCCh Minutes Scheduled At 1130GMT / 0630ET

CHILE
  • The central bank will publish the minutes of its latest monetary policy decision in January, when it cut its key interest rate by 100bp to 7.25%. The MNI review of that meeting is here.
  • In the minutes, Goldman Sachs will be particularly watchful to the arguments considered by the MPC for re-accelerating the pace of cuts to 100bp and their preferences for the pace at easing ahead. They will also be particularly attentive to whether, in addition to Mr. Céspedes, other MPC members considered cutting the policy rate by 125bp.
  • Although references to the peso in the statement were minimal, GS will be looking for discussions on the external backdrop, the CLP, and the reasons that drove the MPC to adopt a more dovish forward guidance. They will also be on the lookout for a discussion on the main risks to inflation as well as discussion around the implications that surprises to activity could have on the pace of easing going forward.

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