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BCB Focus Survey Set To Be Released Next Tuesday

BRAZIL
  • The BCB have announced that the next Focus Survey with economist’s forecasts for inflation and growth will be released next Tuesday. This comes following a workers strike at the central bank that has delayed the previously scheduled releases.
  • Markets will be paying particular attention to the inflation projections within the survey both because of the time elapsed since the previous report and due to the most recent central bank rhetoric regarding the end of the tightening cycle.
  • According to the chief strategist at Banco Mizuho, the tone of BCB Chief Roberto Campos Neto’s presentation today was little changed from the last central bank meeting, when officials signaled the tightening cycle will likely end in May.
  • Similarly, the chief economist at Banco Haitong in Sao Paulo said the “BCB’s plan is to put an end to the cycle earlier than expected”.
  • This comes at a time where IPCA inflation printed 11.30% for March, above the estimated reading of 11.00% which will require close analysis from the Copom.
  • For reference, mid-month inflation data is scheduled for April 27 and the next Copom decision/statement will be on May 4.
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  • The BCB have announced that the next Focus Survey with economist’s forecasts for inflation and growth will be released next Tuesday. This comes following a workers strike at the central bank that has delayed the previously scheduled releases.
  • Markets will be paying particular attention to the inflation projections within the survey both because of the time elapsed since the previous report and due to the most recent central bank rhetoric regarding the end of the tightening cycle.
  • According to the chief strategist at Banco Mizuho, the tone of BCB Chief Roberto Campos Neto’s presentation today was little changed from the last central bank meeting, when officials signaled the tightening cycle will likely end in May.
  • Similarly, the chief economist at Banco Haitong in Sao Paulo said the “BCB’s plan is to put an end to the cycle earlier than expected”.
  • This comes at a time where IPCA inflation printed 11.30% for March, above the estimated reading of 11.00% which will require close analysis from the Copom.
  • For reference, mid-month inflation data is scheduled for April 27 and the next Copom decision/statement will be on May 4.