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BCB Releases Minutes Of January Copom Meeting

BRAZIL
  • Copom Minutes: https://www.bcb.gov.br/en/publications/copomminutes
  • Highlights remain on the de-anchored inflation expectations in a set of minutes that does not provide much new information:
    • "Inflation expectations remain unanchored and are a cause for concern. The Committee believes that lowering expectations requires firm action by the monetary authority, as well as continued strengthening of the credibility and reputation of both the institutions and the fiscal and monetary frameworks that make up the Brazilian economic policy."
    • "Copom emphasized again that the extension of the cycle over time will depend on the inflationary dynamics, especially the components that are more sensitive to monetary policy and economic activity, on inflation expectations, in particular the longer-term ones, on its inflation projections, on the output gap, and on the balance of risks"

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