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Goldman Sachs Expect Policy Rate To Reach 5.5% in 2022

PERU
  • Goldman Sachs expect the MPC to deliver another 50bp hike, driving the policy rate to 4.50%.
  • In their view, despite the somewhat dovish BCRP forward guidance, the significant March inflation print and the overall macro environment supports maintaining the pace of hikes.
  • The policy stance is still significantly accommodative (real ex-ante policy rate remains low), short- and medium-term inflation expectations are tracking at high and above-target levels, and core DM central banks are turning increasingly hawkish.
  • All in all, GS expect the monetary policy rate to reach 5.50% over the course of this year.

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