The Central Bank of Chile’s October 26–27 meeting is priced for no change at the 4.5% policy rate, reflecting the Board’s repeated emphasis on a meeting-by-meeting approach amid contained core inflation and steady inflation expectations near the 3% target. September CPI rose 0.4% month-over-month, bringing the annual rate to 4.1%—slightly below forecasts—while underlying measures excluding volatiles eased further, supporting the view that recent fuel-driven pressures remain transitory. Global uncertainties, including Middle East tensions and copper price volatility, have reinforced caution, consistent with the bank’s post-December 2025 hold pattern. The decision could shift only if incoming data show persistent headline inflation above 4% or a sharper domestic demand slowdown than projected in the latest IPoM.