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BCCH Release Minutes Of December Meeting

CHILE
  • Link to full release: https://www.bcentral.cl/documents/33528/3341084/Minute_mpm_december2021.pdf/980677ee-46af-33e9-25aa-ccf537c6be9c?version=1.0&t=1640777828569
  • Chile policy makers considered 100, 125 and 150 bps increase (BBG)
  • Chile policy makers cite surprise strength of consumer spending (BBG)
  • Chile rate needs to reach as much as 6% in next months (BBG)
  • “...to ensure the convergence of inflation to the target within the policy horizon, in a few months the MPR had to stand between 275 and 325 basis points above its level prior to this Meeting (2.75%). Therefore, the decision on this occasion had important tactical and communicational components because, irrespective of the option chosen, the MPR had to be raised further in the coming months and the increase determined now could set the future pace of increases.”
  • “About the option of raising the MPR by 125bp, all five Board members agreed that it was the one that best reflected the contents in the MP Report and the judgment of the Board. In particular, it would place the MPR somewhat above the median of expectations, but within the corridor, which would give full credibility to the Report’s diagnosis and forecasts while, at the same time, it would reassert the Board decision to take every step necessary to ensure compliance with the inflation target.”
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