The Central Bank of Chile (CBC) hiked interest rates by 25bps to 3.25% last night, as expected. But the tone of the accompanying statement was less hawkish than in previous months, reinforcing our view that while further rate hikes are likely, the pace of monetary tightening next year will be gradual. We are sticking to our below-consensus forecast for rates to reach 4.0% by end-2011.
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