Interest rates in Chile and Peru to fall further in 2015

Interest rates in Chile were left unchanged at 3.00% last night but, with the economic recovery expected to be slow-going and inflation likely to have peaked, we are sticking to our non-consensus forecast for rates to be cut by another 50bp next year. Meanwhile in Peru, interest rates were left unchanged too, but we continue to expect at least one more 25bp reduction to 3.25% next year.

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