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BCCh Minutes Show Need For Quicker Path To Neutral, 4 Options Discussed

CHILE
  • Link to BCCh Minutes:
  • "The Board members agreed that a macroeconomic scenario where activity was above potential and inflation was speeding up, needed monetary policy to continue to go from an expansionary stance to a more neutral one."
  • "In this context, the Board examined four options of MPR increase at this Meeting: (i) a 75bp raise; (ii) a 100bp rase; (iii) a 125bp raise; and (iv) a 150bp raise."
  • In one board member's view, "what mattered most was to communicate that the MPR would sooner come close to its neutral level, and in that scenario a 125bp raise was a wise combination between a somewhat higher than what the market expected increase and the need to convey the earlier materialization of the MPR trajectory."
  • "The options of raising the MPR by 75 or 150bp seemed less plausible to the Board, because they carried a surprise component that could be complex for the market to understand."
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