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BCB Unanimously Reinforces Willingness to Hike if Appropriate

BRAZIL
  • In the minutes to its July policy meeting, the Copom has highlighted its willingness to hike the Selic rate if it deems it appropriate to do so:
  • "In the light of this monitoring, the Committee will assess which is the best strategy. On the one hand, whether the strategy of maintaining the interest rate for a sufficiently long time will bring inflation to the target over the relevant horizon and, on the other hand, Copom unanimously reinforced that it will not hesitate to raise the interest rate to ensure inflation convergence to the target if it deems it appropriate."
  • "The scenario marked by higher projections and more upside inflation risks is challenging, and the Committee believes that the unfolding of the scenario will be particularly important to define the next monetary policy steps. Therefore, the Committee unanimously believes that the current stage is of even greater caution and of diligent monitoring of inflation conditioning factors, without committing to future strategies."
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