Peru Cut Exceeds Expectations

Peru’s central bank has cut the monetary policy rate by 100bp to 5.0%, deeper than the market consensus of 50bp. The bank says the decision is based on easing in inflationary pressure. Inflation stood at 4.8% in March, down from 6.7% in December. While Barclays and Banco de Credito called for a 50bp move, Bulltick Capital expected 75bp.