Recent September inflation data at 4.1% year-over-year, below consensus forecasts, combined with cooling core readings and persistently weak domestic demand, anchors the high 88.5% implied probability of no change at the Banco Central de Chile’s October 26-27 meeting. The policy rate has remained at 4.5% through 2026 as the board prioritizes a meeting-by-meeting stance while inflation stays above the 3% target and global fuel-price volatility adds uncertainty. Market-implied odds for a 25-basis-point move in either direction remain low at around 4-5.5%, reflecting limited near-term pressure for adjustment given subdued growth and stable inflation expectations near 3%. The October decision will incorporate the latest IPoM projections and any further data on activity.