(Bloomberg) Chile’s central bank sped up the pace of its interest rate cuts with a reduction of three quarters of a percentage point and signaled borrowing costs could fall even faster as both inflation and the global economy improve.Most Read from BloombergTrump Barred From Colorado Ballot in Unprecedented RulingApple Races to Tweak Software Ahead of Looming US Watch BanThe Hedge Fund Traders Dominating a Massive Bet on BondsApple to Halt US Sales of Smartwatches After Patent LossWhat If Put
(Bloomberg) The Chilean central bank’s plan to boost its depleted foreign currency reserves by 25% has roiled the peso and thrown an extra element of uncertainty into monetary policy.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyKen Griffin Ramps Up Credit Bets, Anticipating US RecessionTrump Urges Prosecutors to Drop Case, Offers Defense PreviewFed to Pause and Keep Option to Raise Rates
(Bloomberg) Chile’s central bank whacked up its key interest rate by 125 basis points for the second straight meeting as policy makers seek to rein in a consumer spending boom and the fastest inflation in more than a decade.
UPDATE 1-Chile's economy contracts more than expected in January as COVID-19 rebounds reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
(Adds analyst comments, data from bank release, background)
SANTIAGO, March 1 (Reuters) - Chile’s economic activity fell 3.1% in January from the same month a year ago, the central bank said on Monday, as a rebound in cases of the coronavirus dragged on the service and manufacturing sectors.
The bank’s IMACEC economic activity index encompasses about 90% of the economy tallied in gross domestic product figures.
The sharp year-on-year fall was more severe than market expectations for a contraction of around 1%, according to a central bank poll in February.
Construction and manufacturing output both dropped off in January versus the same period the previous year, the bank data showed, as the world’s top copper producer struggled to reboot to 2020 levels following months of economic hardship.