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BRAZIL: Campos Neto on CPI/Growth, Valor Report on BCB Chief Replacement

BRAZIL
  • "*CAMPOS NETO: INFLATION IS CONVERGING BUT WITH SOME BUMPS"
  • "*NEXT CPI NUMBERS WILL BE LOWER, CLOSER TO 4%" (BBG)
  • Campos Neto further reiterates that growth surprises to the upside, which should be reflected my analysts expectations in due course. He also nods to the deanchored inflation expectations, which continue to maintain the need for data dependence in policy, making it desirable to not provide forward guidance on rates.
  • Separately, Valor reports echo the overnight reports from Reuters on Campos Neto's replacement. Accordingly, Government insiders admit, under condition of anonymity, that Director Galípolo’s name should be officially announced because President Lula has concluded that it is easier to appoint someone from within the bank’s board. They expect the annoucnement in two weeks.
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