Chile makes mammoth rate cut

The Central Bank of Chile chopped 250 basis points off its key rate on Thursday, saying that it expected inflation to slide speedily.

The cut, which leaves the benchmark monetary-policy rate a 2.25%, is the third-straight loosening. It is also the second consecutive 250-basis-point cut.

Most analysts expected a cut of between 150 and 200 basis points. But the central bank said a steeper move was needed to bring the rate "closer to a level consistent with the current macroeconomic environment

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