Chile | Rates on hold at 3.5% was the only policy option in May’s monetary meeting

Summary

May’s minutes of the monetary policy meeting revealed strong debates in the Board in regards to the policy bias. As we signalled some months ago, CB will migrate towards a neutral bias for rates consistent with a prolonged pause in rates. The minutes reinforce that call, taking into account that the only relevant option for this meeting was to keep rates on hold at 3.5%.

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