No improvement in Chile’s economy, while inflation has declined

There is no sign of significant improvement in Chile's growth outlook (although September growth number surprised to the upside) since the last meeting and the economy continues to grow significantly below its trend, which itself has declined at least 25% in the past couple of years. 

The fact that inflation declined sharply in September was probably not an aberration, as seen in the October numbers, and it is expected that lower growth will eventually outweigh the impact of currency pass-through. Finally, there is no clarity on the Fed's pace of tightening at this point amid generally downward revisions to global growth expectations for 2016 (with exceptions for a few countries), including in Chile's neighbourhood. 

In sum, the conditions that were prevalent leading up to the October meeting remains firmly in place for now, while the bank weighs the need (or scope) for further tightening.