Page 21 of 27  Dec  Figure 15 Investments committed for next five years (CBC) (4)  Capital goods imports and IPSA (1)(2)  (billions of dollars)  (thousands of dollars of 2013; million of dollars of 2013) 14  Real IPSA (t+7)  Capital goods imports and IPSA (1)(2)  1,700  50 45  12  1,500  10  1,300  40 35 30  8  1,100  6  900  4  700  2  500  25 20 15 10  08 09 10 11 12 13 14 15 16 17 18 19 20 21  5  0 18  II  III  IV  19  II  III  IV  20  II  III  IV  21  (1) Quarterly moving averages. (2) Series deflated by the capital goods import price index, with base year 2013=100. Spliced with the base year 2008=100 series using annual changes. For second quarter, data for the first quarter of that year are repeated. (3) Excludes other transport vehicles. (4) Four-quarter moving average. For each version of the CBC survey, includes 5-year forecasts, considering the current year. Sources: Central Bank of Chile, Bloomberg, and Capital Goods Corporation (CBC).
Monetary policy orientation  The recent improvement in the economy’s performance, the significant boost to domestic demand, the imbalances in the dynamics of spending and production, together with cost pressures, will influence the behavior of prices. How much will correspond to temporary effects and how much to more persistent ones will be key to determine the correct degree of expansion of the monetary policy stance, in order to ensure that the recovery of the economy is sustainable and continues to unfold in an environment of stable prices. In the immediate future, the Board estimates that the economy is still suffering from the impact of the pandemic and the lag of the labor market in the recovery. However, the high dynamism that consumption already exhibits and the additional boost to private spending represent major changes in the macroeconomic scenario of the coming months, making it necessary to recalibrate the expansionary nature of monetary policy going forward. In particular, the expected higher growth in spending and activity will make it less necessary for the monetary impulse to support the economy’s recovery with the current intensity, and it should begin to gradually moderate sooner than we anticipated in the last Report. This will help to avoid the buildup of inflationary pressures at a particularly sensitive time of the recovery. It is important to bear in mind that inflation is particularly detrimental to middle- and low-income households, which do not have the purchasing power and asset protection mechanisms available to the better-off.