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CHILE: BCCh Minutes Scheduled at 1130GMT/0630ET

CHILE
BulletEM BulletEmerging Market News
  • Chile’s central bank will release the minutes of the December board meeting, where the BCCh unanimously decided to cut the monetary policy interest rate by 25bp to 5.00%, as expected.
  • The statement struck a more cautious tone, with the board stating it would continue to gather information “to assess the opportunity to reduce the MPR in the coming quarters”. Following the new rhetoric, analysts see a rate hold on Jan 28 as the most likely outcome.
  • In an interview with MNI, BCCh Vice Governor Griffith-Jones said that the central bank will remain data-dependent as short-term inflation rises and pauses in the easing cycle cannot be ruled out, though weak internal demand is likely to see the policy rate continue to decline towards the neutral level.
  • Goldman Sachs will be particularly attentive to the MPC’s assessment of the external backdrop and the extent to which the MPC intends to “accumulate information” before proceeding with additional rate cuts. GS will also be on the watch for any comments on the terminal rate and discussion among directors on labour market conditions and the weakness of domestic demand.
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  • Chile’s central bank will release the minutes of the December board meeting, where the BCCh unanimously decided to cut the monetary policy interest rate by 25bp to 5.00%, as expected.
  • The statement struck a more cautious tone, with the board stating it would continue to gather information “to assess the opportunity to reduce the MPR in the coming quarters”. Following the new rhetoric, analysts see a rate hold on Jan 28 as the most likely outcome.
  • In an interview with MNI, BCCh Vice Governor Griffith-Jones said that the central bank will remain data-dependent as short-term inflation rises and pauses in the easing cycle cannot be ruled out, though weak internal demand is likely to see the policy rate continue to decline towards the neutral level.
  • Goldman Sachs will be particularly attentive to the MPC’s assessment of the external backdrop and the extent to which the MPC intends to “accumulate information” before proceeding with additional rate cuts. GS will also be on the watch for any comments on the terminal rate and discussion among directors on labour market conditions and the weakness of domestic demand.