Entering a New Cycle?

CHILE - Report 31 Oct 2013 by Luis Cespedes, Eric Parrado and Alberto Etchegaray
Executive Summary After 20 months with no change in the monetary policy rate, the Central Bank decided it was time to deliver a cut. The Board of the Central Bank of Chile decided in October to reduce the monetary policy rate from 5.00% to 4.75%. The timing of the move came as a surprise. The expectation was that the Central Bank would wait until it had enough information regarding a moderation in consumption before cutting the monetary policy rate. Data available at the time of the meeting was not conclusive regarding a potential moderation. And yet the Central Bank cut the rate. It is lik...

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