Chile: Additional cuts may be delayed
The overwhelming message from both the September monetary policy decision of yesterday and the Quarterly Monetary Policy Report of this morning is that the board will probably delay further cuts to next year. The central bank's recent hawkish shift should lend support to the CLP. In addition, three other factors will support an appreciation bias in the coming months, including the likely victory of the right/cent er -right in both the presidency and Congress in the upcoming general elections. The likely restart of the interest rate cutting cycle by the Fed next week, and the recent decisio...