The Central Bank of Chile kept its policy rate unchanged at 4.5% in a unanimous decision in April 2026, citing persistent global uncertainty driven by the ongoing Middle East conflict. While oil futures still point to some easing, risks remain that energy and commodity prices stay elevated, fueling inflation risks. Still, equities recovered and currencies strengthened, while copper prices climbed around $6 per pound, above earlier projections. Domestically, activity softened, with non-mining output contracting 0.3% year-on-year in February due to supply disruptions. Consumption remained broadly stable, but investment slowed more than expected. The labor market saw little change, with steady unemployment and limited job creation. Inflation rose slightly above forecasts, with headline at 2.8% and core at 3.4%, while short-term expectations increased. Still, medium-term expectations remain anchored near the 3% target, as the central bank signaled a cautious, data-dependent approach ahead.