BCB Minutes - Some Members Discussed Normalisation

"In particular, some members questioned whether it would still be appropriate to maintain an extraordinarily high degree of stimulus, given the normalization of the economic activity observed in recent months."
"…these members believe that the Copom should consider starting a process of partial normalization, reducing the "extraordinary" degree of monetary stimuli." (Copom Minutes)

• Potential hawkish observation - clear that some members discussed partial normalisation as well as the removal of forward guidance.

On the economic outlook:

'Turning to the Brazilian economy, indicators regarding growth at the end of last year have been better than expected, but they do not capture the effects of the recent increase in the number of COVID-19 cases. Prospectively, uncertainty about economic growth remains larger than usual, especially for the first quarter of this year, concurrently with the expected unwinding of the emergency transfer programs.'

https://www.bcb.gov.br/en/publications/copomminutes - link to the full minutes