This week’s strong activity data from Chile reaffirms our long-held optimism over its economic recovery, and will probably cause the central bank to adopt a more hawkish stance. Other central banks in the region are also heading in this direction, most notably in Brazil but also those in Mexico, Colombia and Peru. Finally, court ordered payments owed by Brazil's government (which Economy Minister Paulo Guedes said will hit the budget like a "meteor") have put attention back onto the country’s fiscal health, and concerns are likely to build ahead of next year’s election.
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