Chile’s central bank (BCC) held its interest rate at 5% last night, in spite of weaker growth and inflation data which had led some analysts (including ourselves) to forecast a cut. Going forward, rate cuts still appear more likely than not over the next 3-6 months, however the BCC’s cautious approach to monetary easing adds weight to our belief that rates will be trimmed by a modest 50bps or so this year.
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