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Central Bank Chief Velarde Says Peru Eyes End of Rate Hike Cycle

PERU
  • PERU EYES END OF RATE HIKE CYCLE, CENTRAL BANK CHIEF SAYS (BBG)
  • PERU MAY STILL INCREASE RATES IF NEEDED, VELARDE SAYS (BBG)
  • PERU'S NEXT RATE DECISIONS WILL BE DATA-DEPENDENT: VELARDE (BBG)
  • While it has been fairly well known that the BCRP is very close to ending its tightening cycle, these headlines mark a slightly different tone to the official communication in the statement which does not reference the end of the cycle:
    • “The Board is particularly attentive to new information on inflation and its determinants, including the evolution of inflation expectations and economic activity, to consider changes in the monetary stance.”
  • Velarde’s comments are perhaps a nod to the better-than-expected inflation data on Tuesday and certainly raises the probability of an unchanged decision at the Nov 10 meeting.
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