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BCB Release Copom Minutes Of The March Meeting

BRAZIL
  • Copom Minutes Link: https://www.bcb.gov.br/en/publications/copomminutes
  • Key bit here with regard to the fiscal framework:
  • “…the Committee will continue monitoring the elaboration, discussion, and implementation of the fiscal framework that will be presented by the Government and voted by the National Congress. Copom emphasized that there is no mechanical relationship between the convergence of inflation and the presentation of the fiscal framework, since the former remains conditional on the reaction of inflation expectations, the public debt projections, and the asset prices.”
  • “Nevertheless, the Committee stresses that the materialization of a scenario with a solid and credible fiscal framework might result in a more benign disinflationary process through its effect on the expectations channel, by reducing inflation expectations, the economic uncertainty, and the risk premium on domestic assets.”

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