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Interest rates to fall further than most expect in Chile & Peru

Peru’s central bank cut its policy interest rate by another 25bp, to 3.75%, and we expect at least one further quarter point reduction this year. Elsewhere, the Central Bank of Chile left its policy rate on hold at 2.50% for a second month, but we think further easing is on the way there too. In both cases, our forecasts are below those of most other analysts and financial markets.

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