The Chilean economy has continued with its adjustment process following the major imbalances it accumulated during 2021. Annual inflation, in line with expectations, peaked in the third quarter. Inflation expectations remain above 3% in the two-year horizon. Private consumption continues to contract after the sharp increases it posted in 2021. Investment, on the other hand, surprised on the upside in the third quarter, concentrated in specific sectors, such as renewable energy, which contributed to a widening of the current account deficit in the third quarter. The world economic outlook is complex, given the high persistence of global inflation and rate hikes by the main central banks. The Board has made a significant adjustment in monetary policy, which has contributed to the gradual easing of inflationary pressures and will allow confront these difficulties from a better position. However, the activity gap remains wide and inflation remains well above the target, both signs that the adjustment process of the Chilean economy is yet to be completed. The Monetary Policy Rate (MPR) is at 11.25% and will remain at that level until the state of the macroeconomy indicates that the convergence process of inflation to the 3% target has been consolidated.