Chile’s election, delayed cuts in Brazil and Colombia

Chile's presidential race is entering the final straight, with the latest polls suggesting that the most likely outcome is a victory for left-wing candidate Jara in the first round, but a win for right-wing candidate Kast in the run-off. But even if Jara were to win, there are reasons not to be too concerned. Meanwhile, the communications from the central bank meetings in Brazil and Colombia in the past week have prompted us to push back our forecasts for the timing of the next interest rate cuts.