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CPI Prompts Considerable Shift Higher For Camara Swaps Curve

CHILE
  • Chile’s January consumer prices rose at more than twice the pace analysts expected. Prices rose across the board. Transportation costs leaped 2.8% in the month, while food and non-alcoholic beverages increased 1.6%, according to the statistics institute.
  • While confirming the recent decision by the BCCh to increase the tightening pace to 150bps, significant pressure is being put on Camara swap rates on Tuesday.
  • In a bear steepening move, the front-end of the curve has risen by roughly 50 basis points, further exacerbating the curves inverted state. The Chilean peso lies in positive territory for the session, but with a relatively meagre +0.11% boost.
  • In turn, this creates further pressure for the central bank and new Governor, Rosanna Costa, Chile’s first-ever female central bank chief. Their next meeting is scheduled for March 29.
  • Chile Camara Swaps:
    • 1-yr +46bps at 7.57%
    • 2-yr +49 bps at 6.75%
    • 5-yr +32 bps at 6.00%
    • 10-yr +23 bps at 5.93%
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