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Velarde Wary Of Premature Easing, Above-Estimate Economic Activity Data

PERU
  • Central bank president Julio Velarde said he’s wary of the risk of easing monetary policy prematurely before inflationary pressures have been curbed.
    • “The worst-case scenario for a central banker is to lower the interest rate only to hike it again two or three months later,” Velarde said Friday, in a rare interview. “We have to be sure that inflation has been defeated.”
  • Economic data released over the weekend:
    • Peru's Lima March Unemployment Rate Rises to 7.5%
    • Peru Feb. Economic Activity Falls 0.63% Y/y, Est. -1.0%
    • Peru’s Feb. Exports at $4.7 billion, Down 18% Y/y: Andina
  • Peru’s economy contracted for a second month in a row in February, weighed down by anti-government protests that continued to disrupt mining, agriculture and tourism. However, the data was higher than the median forecast of -1%, according to six economists surveyed by Bloomberg. Mining rose 0.6% from January, with the small rebound only reversing part of the 5.9% drop prior. It points to mining output slowly recovering after protest disruptions.
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