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Morgan Stanley Sees BCCh Rates at 6.00% By Mid-2022
- They write that the central bank's reaction function was more aggressive than they had expected and amid their call for combined supply- and demand-side pressures on inflation to worsen in coming months, MS now see the BCCh taking rates to 6.00% by mid-2022.
- Besides inflation prints and expectations surveys (they think watching 2-year ahead expectations is key), the 4th AFP withdrawal bill in Congress is an important signpost for the monetary policy outlook: if it passes, markets could see rates as high as 6.75% by mid-2022, including further acceleration in the pace of hikes over the next few decisions.
- They still expect policy uncertainty into the November election to push additional risk premia in longer tenors but it will likely continue to feed through to the real rate curve.
- In FX, the stronger messaging could provide some support for the currency in the near term. More specifically, MS think that CLP could outperform other currencies with similar exposure to China (e.g., KRW), or G10 currencies with more dovish central banks (e.g., EUR).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.