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Chile’s central bank tries to rein in rate cut bets

The more cautious tone of the Monetary Policy Report released by Chile’s central bank today supports our view that, once the large falls in inflation are behind us in early 2024 and the economy recovers, the easing cycle is likely to shift down a gear. We think that the policy rate will be lowered to 5.25% next year, which is less easing than the consensus and markets expect.

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