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BCCh Review: Central Bank Board Estimates Terminal Rate Reached

CHILE
  • On Wednesday, the central bank board unanimously decided to raise the monetary policy interest rate by 50BP to 11.25%.
  • With this action the board “estimates that the monetary policy rate has reached its maximum level of the cycle that began in July 2021, and that it will remain there for as long as necessary to ensure the convergence of inflation to the target over the two-year policy horizon.”
  • Focusing on growth concerns, the statement highlighted “the outlook for global growth and international financial conditions has deteriorated”.
  • Despite the assumption that the terminal rate level has been reached, the statement includes the caveat that the macroeconomic scenario “presents high risks whose short- and medium-term implications must be evaluated carefully.” With that said, the board note that they will closely monitor economic developments, reaffirming the commitment to remain flexible in its policy approach.
  • Full statement here: https://www.bcentral.cl/en/web/banco-central/content/-/detalle/monetary-policy-meeting-october-2022
  • The meeting minutes are scheduled for release on October 27 and the next BCCh meeting/decision is set for December 06.
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