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BCCh Sought To Avoid Unnecessary Volatility With Larger Cut

CHILE
  • Regarding the 125bp option, “it was noted that its advantage was that it would allow a faster approach to lower MPR levels, which might be preferable given the rapid fall in inflation and state of the activity gap”
  • However, and with a nod to potential further CLP weakness, “several board members mentioned that a cut above 100bp could be a surprise that might generate unnecessary volatility in some financial prices”.
  • Members agreed that proper monetary policy conduct implied meeting the inflationary target efficiently which “could require an early convergence of the MPR, which would reach its neutral level during the second of 2024”.
  • Worth noting the next BCCh decision falls on April 02, followed by the release of the monetary policy report.
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