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PERU: BCRP Chief Economist Armas Says Gradual Rate Cuts Is Best Approach

PERU
PeruEM BulletHomepagemarkets-real-timeBulletGlobalEmerging Market NewsRegion
  • BCRP Chief Economist Adrian Armas said at a conference today that the central bank is applying a "paused trajectory" to its cutting cycle. He said that the best approach to rate cuts is for them to be gradual.
  • Armas noted that core inflation is at 2.6%, but the ideal would be closer to 2%.
  • Armas expects the economy to grow 3.5-3.7% y/y in August. This would be marginally above the 3.4% consensus, but down from 4.5% in July. The economy would be growing faster without safety issues he said, but he does not expect the current strikes to have a major impact.
  • Meanwhile, the fiscal deficit is expected to fall from the current 4% of GDP. Earlier this week, the country's fiscal council expressed concern about rising fiscal risks.
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  • BCRP Chief Economist Adrian Armas said at a conference today that the central bank is applying a "paused trajectory" to its cutting cycle. He said that the best approach to rate cuts is for them to be gradual.
  • Armas noted that core inflation is at 2.6%, but the ideal would be closer to 2%.
  • Armas expects the economy to grow 3.5-3.7% y/y in August. This would be marginally above the 3.4% consensus, but down from 4.5% in July. The economy would be growing faster without safety issues he said, but he does not expect the current strikes to have a major impact.
  • Meanwhile, the fiscal deficit is expected to fall from the current 4% of GDP. Earlier this week, the country's fiscal council expressed concern about rising fiscal risks.