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BCCh Steps Up Easing Pace; Economic Activity Data Due

CHILE
  • BCCh stepped up the pace of easing again last night, delivering a 100bp rate cut to 7.25%, as expected. The decision was not unanimous, with one member voting for an even larger 125bp cut. In its statement, the Board noted the larger than expected decline of inflation in December. As a result, inflation is now expected to converge to the 3% target more quickly than previously anticipated with the monetary policy rate reaching its neutral rate in the second half of the year. With BCCh continuing to strike a dovish tone, several analysts see another large rate cut to come at the next MPC meeting in April.
    • See the full MNI preview with analyst views here.
  • On the data front, the IMACEC economic activity index will be published today at 1130GMT(0630ET), with analysts expecting a 0.2% m/m decline in December (vs. +0.3% prior). This would bring the y/y rate down to 0.5%, from 1.2%.
    • Dec. Economic Activity YoY, est. 0.5%, prior 1.2%;
    • Dec. Economic Activity MoM est. -0.2%, prior 0.3%
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