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CHILE: One-Year Camara Swap Rates Extend Decline to 20bps

CHILE
  • Fresh session highs for US treasuries in the wake of lower-than-expected JOLTS data sees the curve shift lower, exacerbating the intra-day moves already seen for Chile Camara swap rates following the dovish tilting BCCh.
  • The bull steepening move exacerbates the outperformance of the front-end in Chile, with one-year swap rates extending the move lower to over 20bps, as the central bank nods to achieving the neutral rate convergence at a faster pace than previously projected.
  • As noted in our review and subsequent follow up reports from the sell-side, consensus appears to be tilting towards consecutive cuts for the remainder of 2024, subject to the evolution of the data. Nominal wage data will cross tomorrow, however, the more significant inflation figures for August cross Friday. 
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