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BRAZIL: BCB Director David Reiterates 100bp Hike Guidance

BRAZIL
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  • BCB monetary policy director Nilton David has reiterated the central bank’s guidance in a speech today, saying that another 100bp hike is expected at the March 19 Copom meeting. Inflation is expected to remain above the target for the next six months, he said, and to end the year at 5.2%. This would still be below market expectations, with analysts seeing inflation at 5.6% at year-end, according to today’s BCB Focus survey.
    • Meanwhile, Finance Minister Haddad said at an IMF event in Saudi Arabia that 4-5% inflation is normal for Brazil. His comments come as latest polls show President Lula’s approval rating at a record low, amid slowing growth and persistent inflation pressures.
    • Speaking earlier, Deputy Finance Minister Durigan said that it is to be expected that growth will be weaker this year. However, he reiterated the government’s commitment to pursuing a balanced budget and said discussions on income tax exemptions should preserve the public account balance.
    • Despite weak December activity data earlier, USDBRL is only trading 0.3% higher today around 5.715, amid quiet markets. Sights are on 5.6340, the Nov 7 low. Initial resistance is at 5.9021, the 50-day EMA.
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  • BCB monetary policy director Nilton David has reiterated the central bank’s guidance in a speech today, saying that another 100bp hike is expected at the March 19 Copom meeting. Inflation is expected to remain above the target for the next six months, he said, and to end the year at 5.2%. This would still be below market expectations, with analysts seeing inflation at 5.6% at year-end, according to today’s BCB Focus survey.
    • Meanwhile, Finance Minister Haddad said at an IMF event in Saudi Arabia that 4-5% inflation is normal for Brazil. His comments come as latest polls show President Lula’s approval rating at a record low, amid slowing growth and persistent inflation pressures.
    • Speaking earlier, Deputy Finance Minister Durigan said that it is to be expected that growth will be weaker this year. However, he reiterated the government’s commitment to pursuing a balanced budget and said discussions on income tax exemptions should preserve the public account balance.
    • Despite weak December activity data earlier, USDBRL is only trading 0.3% higher today around 5.715, amid quiet markets. Sights are on 5.6340, the Nov 7 low. Initial resistance is at 5.9021, the 50-day EMA.