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Central Bank Presidency Expected To Be Taken By Joaquin Vial

CHILE
  • Regarding the central bank, the underlying law states that if the office of president falls vacant, the vice president takes over until a new president is appointed. That’s Joaquin Vial, widely considered one of the more hawkish policy makers.
  • The next BCCh policy meeting takes place next Wednesday, January 26. The board are expected to maintain an aggressive stance, continuing to hike the overnight rate target in an attempt to counter inflationary pressures.
  • Morgan Stanley believe the BCCh “will have to signal renewed hawkishness in the January decision”. MS are now calling for another 125bp hike in the January decision, well above the 50bp pace implicitly guided in policy-makers' baseline scenario from the December IPoM, and see a terminal rate of 7.00% by June.
  • This is in line with a recent MNI policy exclusive with ex central banker chief, outlining the potential for rates to rise to between 6-8%.
  • The full MNI BCCh preview will be published early next week.
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