CHILE: BCCh Publishes December Monetary Policy Report
- The BCCh has published its December monetary policy report here.
- "*CHILE CENBANK SEES END-2024 INFLATION AT 4.8%; WAS 4.5% BEFORE"
- "*CHILE CENBANK SEES END-2025 INFLATION AT 3.6%; WAS 3.6% BEFORE"- BBG
- "*CHILE CENBANK SEES '24 GDP GROWTH AT 2.3%; WAS 2.25% TO 2.75%"
- "*CHILE CENBANK SEES '25 GDP AT 1.5% TO 2.5%; WAS 1.5% TO 2.5%" - BBG
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ECB: Weekly ECB Speak Wrap (Nov 11 – Nov 18)
The potential impact of US tariffs and the weak Eurozone growth outlook have once again been prevalent in the past week’s ECB-speak. Concerns around the negative growth impact of US trade policy prompted further dovish repricing in ECB-dated OIS, though short-end pressure this morning (Nov 18) has reversed a good portion of those moves. ECB-dated OIS currently price 139bps of easing through December 2025, down from ~145bps at Friday’s close but still above the 135bps seen on November 8.
Overall, the conclusions from the MNI Policy Team’s latest sources piece on November 7 continue to hold: A 25bps cut is almost assured at the December meeting (consistent with market pricing), while the ECB is set to retain its meeting-by-meeting and data-dependent approach (consistent with Schnabel’s remarks on forward guidance).
In the following PDF, we provide a summary of ECB-speak from November 11 to November 18 and summarise commentary since the October meeting by speaker and topic: 241118 - Weekly ECB Speak Wrap.pdf
SONIA: SONIA FIX - 18/11/24
SONIA FIX - Source: BBG/ICE
- 1M 4.70980 0.0002
- 3M 4.67970 -0.005
- 6M 4.59360 -0.01
- 12M 4.45750 -0.0047
STIR: BLOCK: Mar'25 SOFR Put Tree
- -10,000 SFRH5 95.37/95.50/95.62 put trees, 1.0 net ref 95.785 at 0651:21ET
