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Camara Swap Rates Surge Following BCCh Decision & Costa Remarks

CHILE
BulletEM BulletEmerging Markets NewsHomepage
  • Chilean swap rates are extending their advance higher on Friday after central bank President Rosanna Costa told Bloomberg that policymakers wouldn’t start cutting borrowing costs until a slowdown in inflation was consolidated.
  • The comments come a day after the central bank decision and statement where the unchanged guidance was seen as a moderately hawkish signal. President Costa’s remarks appear to embolden this viewpoint:
    • Inflation remains “extraordinarily high” and the bank needs more time to ensure it’s slowing toward the target before it can ease monetary policy, Costa said in a Bloomberg Television interview.
  • Chile Camara Swaps:
    • 1-yr +17 bps at 9.42%
    • 2-yr +16 bps at 7.20%
    • 5-yr +15 bps at 5.58%
    • 10-yr +13 bps at 5.29%
    • 30-yr +12 bps at 5.35%
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  • Chilean swap rates are extending their advance higher on Friday after central bank President Rosanna Costa told Bloomberg that policymakers wouldn’t start cutting borrowing costs until a slowdown in inflation was consolidated.
  • The comments come a day after the central bank decision and statement where the unchanged guidance was seen as a moderately hawkish signal. President Costa’s remarks appear to embolden this viewpoint:
    • Inflation remains “extraordinarily high” and the bank needs more time to ensure it’s slowing toward the target before it can ease monetary policy, Costa said in a Bloomberg Television interview.
  • Chile Camara Swaps:
    • 1-yr +17 bps at 9.42%
    • 2-yr +16 bps at 7.20%
    • 5-yr +15 bps at 5.58%
    • 10-yr +13 bps at 5.29%
    • 30-yr +12 bps at 5.35%