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HSBC Forecast BCCh To Stick To Jan 75BP Cut, Smaller Reductions Thereafter

CHILE
  • HSBC have said that while some market participants are likely to position for a 100bp cut in the January meeting, they believe the central bank will stick to a 75bp pace given uncertainty about external rates which could pressure the CLP.
  • HSBC forecast the central bank of Chile to cut rates to 7.50% in January and then think the committee will move to a 50bp per meeting pace thereafter.
  • In their view, the neutral policy rate stands at 4.50% (50bp above the central bank's estimate). They see the central bank reaching that level in early 2025.
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