The Monetary Policy Report released by Chile’s central bank today alongside the communications to yesterday’s policy meeting suggest that the easing cycle over the next few quarters will be stop-start. We now expect a pause at the central bank’s next two meetings and that the policy rate will be lowered to 5.25% by year-end (4.75% previously). That said, although easing will be a bit more gradual than we’d previously anticipated, we still expect rates to return close to their neutral level by end-2025.
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