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CHILE: Governor Costa Says BCCh Doesn't Need Certain Rate Differential With Fed

CHILE
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  • BCCh Governor Costa said in a presentation on Monday that the central bank does not have to keep a specific interest rate differential with the Fed, according to Bloomberg,
  • She said that what the Fed does matters, but that its 50bp cut in September was within expectations.
  • On CLP, she said that the currency had adapted to global market conditions and that the recent appreciation had been due to the rally in copper.
    • Her remarks follow the 25bp interest rate cut to 5.50% earlier this month, when the central bank signalled that the policy rate would converge to neutral at a faster pace than previously expected. Market participants expect another 25bp cut in October, according to the latest BCCh Traders survey.
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  • BCCh Governor Costa said in a presentation on Monday that the central bank does not have to keep a specific interest rate differential with the Fed, according to Bloomberg,
  • She said that what the Fed does matters, but that its 50bp cut in September was within expectations.
  • On CLP, she said that the currency had adapted to global market conditions and that the recent appreciation had been due to the rally in copper.
    • Her remarks follow the 25bp interest rate cut to 5.50% earlier this month, when the central bank signalled that the policy rate would converge to neutral at a faster pace than previously expected. Market participants expect another 25bp cut in October, according to the latest BCCh Traders survey.