Broadly speaking, the macroeconomic scenario has evolved in line with forecasts in the June Report. Inflation has continued to fall, although it is still high, in a context where activity and demand have continued to advance in their adjustment process, cost pressures have been reduced and two-year inflation expectations stand at 3%. This has allowed the Board to reduce the Monetary Policy Rate (MPR) by 175 basis points (bp) since July, to 9.5%. Although the decline in inflation is a global phenomenon, the outlook differs from one country to the next. Thus, while in some economies monetary policy is becoming less contractionary, in others a more prolonged tightening than anticipated is foreseen, particularly in the developed world. These divergences have been permeating global financial markets, with opposing movements in interest rates and depreciations in an important group of currencies, including the Chilean peso. The central scenario projections contain few changes with respect to our last Report. GDP will vary between -0.5 and 0% this year, to resume positive growth rates in the two subsequent years. Private consumption has stabilized and its projection is maintained, while investment is expected to contract somewhat less than expected this year. Headline inflation is expected to continue to decline, reaching 3% in the second half of 2024. Core inflation would do so in early 2025. If the central scenario projections of this Report materialize, in the short term the MPR will continue on the path outlined in the July Meeting. In any case, the magnitude and timing of the process of MPR reductions will take into account the evolution of the macroeconomic scenario and its implications for the inflation trajectory. Although the most extreme risk scenarios have been losing relevance, the process of inflationary convergence continues to pose significant challenges.