In Brazil, monetary tightening continues at a faster pace, but it should come to an end soon

The minutes of the last MP meeting in Chile confirms that the only policy option considered was a pause in the MPR at 3%. This was influenced by the fact that inflation was above 5%, although this situation is considered temporary and the minutes stressed that the persistence of weak activity data should moderate inflationary pressures over the medium term. We believe that further cuts in the MPR will be needed in the first quarters of 2015.

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