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Constitutional Assembly Appoint President, Nominal Wage Data Due

CHILE
  • Maria Elisa Quinteros was elected as the president of Chile’s constitutional assembly. She will guide the assembly ahead of a crucial July 5 deadline to conclude work on the constitution, which will be put to a referendum later in 2022.
  • The election appears to cement leftist leadership within the assembly given the vote was won with the support of representatives of the communist party and other left-wing social groups. Combined with Boric’s win in December, this should pave the way for substantial economic reforms in the nation.
  • Ongoing political developments such as the cabinet appointments of the president-elect will remain in focus, with January 20 the likely date for the announcements.
    • CPI data also released this Friday will garner interest ahead of the Jan 26 central bank meeting. Annual CPI is expected to rise to 6.9% in December from 6.7% in Nov.
  • Separately, the Finance Committee of the Chamber of Deputies approved a bill that reduces or eliminates tax exemptions to finance a guaranteed universal pension, according to the Chamber’s Twitter account. The project now goes to the Lower House floor.
  • Today at 1200GMT/0700ET, INE publishes data on November nominal wages. The prior reading was 5.9% Y/y.

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