BanRep cut the policy rate by 50bp to 9.75%, as expected, maintaining the same pace of reduction as in previous meetings. The vote was split, with the majority (four) voting for a 50bp cut and three voting for a 75bp cut. This maintained the same (more dovish) split as in the prior meeting when one extra member shifted to join the usual two dissenters (FinMin Bonilla and Acosta). Maintaining the same split despite recent negative/hawkish developments keeps the bias dovish and suggests that the majority could eventually vote for faster cuts in the coming months, particularly given the upcoming board replacements.
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