Chile: Central bank kept policy rate at 3.00%

Summary

In accordance with both our and market expectations, the central bank kept policy rate at 3.00% at November’s meeting. The communiqué highlights a higher than expected CPI inflation prints of above 5% YoY, although considered as transitory. Even though the communiqué also kept a neutral tone, the board pointed to weak activity figures that, in our view, will require additional monetary stimulus during the start of 2015.

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