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BCB Signal Tightening Cycle Not Over Yet

BRAZIL
  • Matching expectations, the BCB raised rates by 100bps to 12.75% on Wednesday, but signalled that this month’s hike will not be the final rate rise of this tightening cycle. This extends the bank’s hawkish tilt into the coming meetings, despite suggesting in previous statements that a May hike could be the final step in their current campaign against inflation.
  • Full Review document, with summary of sell-side views here: https://marketnews.com/mni-bcb-review-may-2022-tig...
  • Estado reports that the Lower House in Brazil will postpone the readjustment of lighting bills in order to avoid influencing the upcoming election.
  • Separately, Folha writes that the Senate have approved an amendment creating a salary floor for health workers.
  • On elections, Valor runs a story quoting Artur Lira as seeing Bolsonaro surpassing Lula in opinion polling by the end of this month, or the next, adding that Congress are to vote on proposals to mitigate high inflation.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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