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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBCCH Review - Hawkish Surprise
- The BCCh decidedly unanimously to raise the key rate 150bps to 5.5%, a bolder hike than the broad consensus had forecasted.
- The board stated “the recent evolution of activity and inflation is somewhat above the forecast in the December MP Report, and inflationary pressures from the international scenario have increased.”
- The board considered that the “decision is consistent with a monetary policy path that, in the short term would stand near the upper edge of the MPR corridor described in the last Report”. In addition, “the March Report will feature a new evaluation of the corridor.”
- The statement also showed signs of growing pressure from more hawkish policy abroad, noting that ”inflation has continued to rise in several economies, and central banks have intensified their move towards the withdrawal of monetary stimulus.”
- With a more hawkish scenario playing out, pressure on the front-end of the curve is expected, with analysts adjusting their calls for more aggressive hikes in H1’22. This should continue to support the strong performance of the Peso to start 2022.
- Minutes will be released on Feb 10 and the next Monetary Policy Meeting will be held on March 29.
- Link to full statement is here: https://www.bcentral.cl/en/content/-/details/monetary-policy-meeting-january-2022
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.