Chile has been off to the races, with big cuts delivered to date. They're far from finished, but should they cut next week, as expected, they will move into the "dodgy zone". This is one where Fed cuts are really needed to justify further easing. Why? Key rate differentials will have flipped to below medium-term averages. No panic, but caution is warranted.
https://think.ing.com/opinions/why-chile-needs-a-fed-cut-to-cut-much-more/
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