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BCCh Minutes Show Committee Considered 25-bps Hike

CHILE
  • Minutes from the June meeting just released: https://www.bcentral.cl/documents/33528/170270/Min...
    • "All five Board members agreed that the fiscal expansion and the dynamism of consumption configured a macroeconomic scenario for the next two years in which it would be unnecessary to maintain such a highly expansionary monetary policy stance as the current one for such a long time as was expected until a few months back. In this scenario, the Board considered that holding the MPR at 0.5% was no longer the only possible option, and that the option of raising it by 25 basis points, to 0.75%, was also plausible."
  • Chile Central Bank considered the 25 bps hike, but 'implementing changes' appears to be the next stage of the traditional policy making, while highlighting the widening activity gap and underperforming labour market.
    • "It was further noted that this meant a return to a more traditional way monetary policy making, where the Board defined stages, first establishing a bias and then implementing changes in the MPR. One Board member added that, in addition to tactical considerations, the decision to hold the MPR was justified on the grounds that the widening activity gap in the second quarter pointed to lower immediate pressures on inflation, which overlapped with the labor market still being far from a full recovery."
  • -USDCLP continuing the reversal from yesterday, opening down 0.75% at 736.63
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