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BCB Release Minutes Of February Meeting/Decision

BRAZIL
  • Copom Minutes Of The February Meeting Released:
  • https://www.bcb.gov.br/en/publications/copomminutes
  • Some confirmation of the concerns regarding longer term inflation expectations further explained:
    • "Regarding inflation expectations, the Committee notes with concern the recent movement at longer horizons. In addition to the direct impact of the rise in expectations on inflation projections, the rise in long-term expectations raises the cost of the disinflation by requiring greater participation of other monetary policy channels and, consequently, a wider output gap to obtain the same fall in inflation. The Committee will remain vigilant and will persist until the anchoring of expectations is consolidated."
  • Overall, the minutes show greater clarity of the assessment that rates may need to remain high for longer:
    • "The Committee remains vigilant, assessing if the strategy of maintaining the Selic rate for a longer period than in the reference scenario will be enough to ensure the convergence of inflation."
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