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BCB Minutes Highlight Need for Greater Policy Flexibility

BRAZIL
  • March meeting minutes highlight need for greater policy flexibility ahead:
  • "The debate then turned to communication in a scenario where greater flexibility is required to conduct the appropriate monetary policy to achieve the inflation target. Copom assessed the convenience of some indication for the June decision, for which it had not yet made any announcement."
  • "This assessment led the Committee to communicate that it anticipated a reduction of the same magnitude at the next meeting, stressing that the change in communication was due to a change in uncertainty and not in the baseline scenario."
  • "Some members also argued that if prospective uncertainty remains high in the future, a slower pace of monetary easing may prove appropriate, for whatever terminal rate is desired. The Committee unanimously maintained its view that the interest rate and its respective path will be those necessary to bring inflation back to its target in the relevant monetary policy horizon."
  • "Copom judged that the disinflationary dynamics did not diverge significantly from what was expected but evaluates that the inflation scenario seems more uncertain."
  • "Inflation expectations remain unanchored and are a cause for concern. Copom mentioned that a scenario of expectations above the target for a prolonged period requires a closer monitoring to ensure, even in this scenario, the achievement of the inflation target"
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