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BCB Focus Survey Due, Campos Neto Speaking

BRAZIL
  • In remarks made over the weekend, BCB President Campos Neto said that it was important to understand that there are several reasons why the neutral interest rate is so high in Brazil, including fiscal policy. He also defended the central bank’s autonomy and credibility, emphasising the importance of this in preventing the long-term real interest rate from rising. On inflation targeting, he said it is more than simply looking at a short-term number, the important thing is sustainability.
  • Today, Campos Neto is due to speak again at a seminar held by Constellation in Sao Paulo at 1400BST(0900ET). This will be followed by a session to receive a decoration from the Sao Paulo state assembly at 2315BST, also open to the press. Finance Minister Haddad has a meeting with the new Petrobras CEO Magda Chambriard at 1500BST.
  • The BCB will publish its usual Focus survey at 1225BST(0725ET), where attention will be on the CPI and SELIC rate forecasts, which have been rising in recent weeks. Weekly trade balance data are also due at 1900BST.
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