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BCB's Galipolo Says US Rates Warrant Caution

BRAZIL
  • According to Folha, BCB board member Galipolo mentioned that the latest development to US rates, which are trading at higher levels at longer maturities, requires emerging countries like Brazil to be more cautious. He highlights a “disturbance” over US long-term rates since last COPOM meeting. On a positive note, he added that the high level of Brazil's international reserves differentiates it from other EM countries.
  • The BCB board member’s comments on remaining cautious may be underpinning the move higher for USDBRL (+0.58%), although the move is broadly in line with regional counterparts. Swap rates have risen around 2-4bps across the curve.
  • Separately, Galipolo stated the latest Copom minutes conveyed how the debate is highly technical and that the division in the institution’s board is “much smaller” than it appears. He added that Brazil is seeking to enter a virtuous circle of controlled inflation, economic development, inclusion and social development.
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