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MNI Chile Central Bank Preview – Jan 2023: Easing Cycle Approaching

The BCCh is widely expected to keep the policy rate unchanged at 11.25%.

Executive Summary

  • The BCCh is widely expected to keep the policy rate unchanged at 11.25%.
  • Despite a very gradual softening of CPI data, headline inflation continues to track at 12.8% Y/y which many believe should prompt the committee to maintain rates at present levels.
  • However, the majority of analysts are predicting the start of the easing cycle in Q2 2023 and the large gap between the January and April policy decisions, highlights the importance of this month’s statement.
  • The committee’s rhetoric will be carefully scrutinised for clues as to when potential rate cuts may begin, as well as whether current market pricing for the rest of the year’s easing appears adequate.

Click here to view the full preview:

MNI Chile Central Bank Preview - January 2023.pdf

Contracting Economic Activity May Bolster Case For Easing

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Executive Summary

  • The BCCh is widely expected to keep the policy rate unchanged at 11.25%.
  • Despite a very gradual softening of CPI data, headline inflation continues to track at 12.8% Y/y which many believe should prompt the committee to maintain rates at present levels.
  • However, the majority of analysts are predicting the start of the easing cycle in Q2 2023 and the large gap between the January and April policy decisions, highlights the importance of this month’s statement.
  • The committee’s rhetoric will be carefully scrutinised for clues as to when potential rate cuts may begin, as well as whether current market pricing for the rest of the year’s easing appears adequate.

Click here to view the full preview:

MNI Chile Central Bank Preview - January 2023.pdf

Contracting Economic Activity May Bolster Case For Easing

Keep reading...Show less