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Central Bank Review: Tweaked Forward Guidance

CHILE
  • The MPC left the policy rate unchanged in unanimous vote, expected by all surveyed analysts. Furthermore, no changes were made to the unconventional liquidity and credit support measures.
  • Link to full statement:
  • https://www.bcentral.cl/documents/33528/133205/mpm_30032021.pdf/16c13940-10f5-9377-e452-b3d37c87b403?version=1.0&t=1617138282570
  • "The data for late 2020 and early 2021 show that the economy is growing faster than was forecast in the December MP Report."
  • "The MPR will be held at its 0.5% minimum until the recovery of the economy takes hold and spreads to the more lagging components of expenditure, which will take several quarters."
  • This particular comment is seen as hawkish on the margin. Previous commentary referred to the MPR as remaining 'unchanged over most of the two-year monetary policy horizon'.
  • The March Monetary Policy Report containing the projections and analyses that guide the Board's decisions will be released today 0830 local time.
  • The minutes of the March meeting will be published on 15 April.
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