The Central Bank of Chile’s October 26-27 policy meeting carries a 96.3% market-implied probability of holding the benchmark tasa de política monetaria at 4.5%, consistent with unanimous decisions since December 2025 and the September operator survey median. September CPI rose 0.4% month-over-month, leaving the twelve-month rate at 4.1%—above the 3% target but with core measures and two-year expectations anchored near 3%. External uncertainty from Middle East tensions and copper prices above $6 per pound has supported a cautious stance, while domestic activity remains subdued. The bank has repeatedly signaled meeting-by-meeting evaluation without signaling near-term shifts. A material upside inflation surprise from energy costs or a sharper growth slowdown could still prompt reassessment, though current data and communications leave little scope for immediate action.