Archive

September 10, 2025
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Chile: Steady Rates Amid Global Uncertainty

  • Chile's policy rate was held at 4.75%, surprising no consensus forecasts amid stable activity and FX markets.
  • Core inflation is higher than June projections, signalling persistent price pressures on goods and services.
  • Future moves hinge on additional data. Persistent wage-driven inflation may delay any rate cuts.
September 04, 2025
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BNM Holds Rate Amid Trade Headwinds

  • BNM holds its OPR at 2.75% as expected. Its data-dependent stance signals patience amid trade uncertainties & resilient domestic conditions.
  • Benign inflation (1.4% headline, 1.9% core) provides policy flexibility, and a moderate outlook through 2026 supports an accommodative stance.
  • Strong 4.4% H1 growth, driven by robust 7% Q2 domestic demand, leads analysts to expect rates on hold through 2025, with cuts if growth weakens.

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