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Free AccessSantander See BCCh Having More Freedom to Normalize Policy at Upcoming Meetings
- Banco Santander note that the aggressive policy tightening at yesterday's rate decision gives the central bank a degree of freedom to calibrate rates toward monetary normalization in upcoming meetings.
- They write that should a fourth withdrawal of pension funds go ahead, there could be new aggressive hikes in the policy rate, which will place it above its neutral level at the beginning of next year. This is ahead of the September forecasts outlined in the policy report.
- However, if the new withdrawal does not proceed in the Senate, the Council would have room to reduce the speed of increases and evaluate the trajectory of inflation on the policy horizon.
- Lastly, the board agreed to suspend the reserve replacement and expansion program that began in January 2021 and although it could have some downward bias for the exchange rate, Santander foresee that the impact would be rather limited .
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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.