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The BCRP Rate Decision as Expected, Focus Shifts to Press Conference

PERU
  • The BCRP decision came in alongside expectations, cutting policy rates by 25bps to 7.25%. The vast majority of sell-side analysts saw a 25bps cut, leaving few surprises for markets ahead of the press conference at 1800BST/1300ET.
  • The rate cut marks the second of the easing cycle, but cautioned against the persistence of rate cuts at future meetings, specifying that this month’s decision does not imply a cycle of successive cuts to the policy rate. This retains an element of caution in the statement and will likely be an area of focus later today.
  • The BCRP added that they expect CPI to fall within the bank’s target range early next year, with the policy statement flagging moderating price pressures internationally, a reversal in agricultural supply shocks, and a further decline in inflation expectations.
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