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Camara Swaps Curve Extends Dis-Inversion Move, 1-Yr Swap Rates Fall 93Bps

CHILE
  • Central Bank Head Rosanna Costa Holds Press Conference:
    • We will have quarters when GDP drops (BBG)
    • Weaker activity is part of process to slow CPI (BBG)
    • Any new pension withdrawal would exacerbate challenges (BBG)
  • The Chilean Peso remains more than 1% lower than yesterday’s close, with USDCLP rising back to just below 790. The Camara curve has been dis-inverting throughout the session following the central bank’s updated guidance at yesterday’s meeting. 1-year swap rates are declining as much as 93 basis points.
  • Chile Camara Swaps:
    • 1-yr -93 bps at 7.91%
    • 2-yr -82 bps at 7.22%
    • 5-yr -48 bps at 6.38%
    • 10-yr -18 bps at 6.07%

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