CHILE
Yesterday, the survey of financial market participants showed few changes. The only change in the report was the 12 months inflation, which edged up to 3.0% from 2.9% in the last report.
Today, BCCh will unveil the monthly survey of economists. Attention, as usual, will be focused on the evolution of inflation and rate expectations. The last monthly survey of economists showed expectations of no policy rate changes in the next two years. While we have long held the view of no rate cuts near term, we think the expected acceleration of price pressures will prompt the central bank to embark on a tightening cycle in 2013.
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