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BCCh’s Costa Signals Further Cautious Rate Cuts

CHILE
  • BCCh Governor Costa said over the weekend that the central bank still plans to cut interest rates further, despite the increase in global risks, adding that future rate cuts will be cautious. She said that the economy still requires interest rates to fall and that the speed will decided on a meeting-by-meeting basis. Last week’s BCCh traders survey revealed that market participants expect a 50bp rate cut at the May MPC meeting, following a 75bp move earlier this month. This week, March PPI data will be released on Wednesday.
  • Also over the weekend, Finance Minister Marcel suggested that the government will adopt a tougher stance in its ongoing efforts to push through its key pension reform. In January, the lower house backed the base text of the reform but rejected several key articles including on employer pay-in. The legislation is currently making its way through the Senate.
  • In other news, the government has imposed temporary anti-dumping tariffs on Chinese steel products used in the country’s mining industry in a bid to support local producers. The tariffs will be imposed over the next six months.
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