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Boric To Insist On Pushing Through Tax Reform Bill

CHILE
  • Barring a major surprise from the US jobs data, firmer risk sentiment should underpin the Chilean peso at Friday’s open. Major global equity indices are rising alongside strength in copper after the report that China is considering new stimulus measures to boost its ailing economy.
  • Chilean President Gabriel Boric vowed to take a revamped tax reform proposal to the nation’s Senate next month to finance a long list of social promises outlined in his annual State of the Nation address on Thursday.
    • The administration is counting on new income to finance a wide range of programs focused on social rights, public security and sustainable development.
    • “Neither this government nor any other will be able to advance in fulfilling these rights without a tax reform,” Boric said. “If we don’t do it now, it will be up to the next person who holds this position. Let’s not continue to delay this.”
  • No domestic data on Friday so focus turns to next week’s trade balance figures and May CPI where the annual reading is expected to recede further to 8.9% Y/y from the April print of 9.9%.
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