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BRAZIL: Campos Neto Says Core Inflation Well Behaved

BRAZIL
  • Comments from BCB Governor Campos Neto via Reuters:
    • Global inflation convergence appears to be at a slower stage
    • Started to see the US economic slowdown, inflation is converging
    • We do not think that a stronger slowdown in the us economy is the most likely scenario
    • Debate on US elections shows that it is difficult to have US interest rates like before the pandemic, debate is pro-inflation
    • China's slowdown due to a possible strong trade reaction from the US and Europe would have strong implications for commodities and emerging economies
    • I have been very concerned since last year about global fiscal concerns and liquidity extraction
    • This is starting to impact financial markets, we need to live with this effect in the coming years
    • Inflation in Brazil has recently increased a little, core inflation is relatively well behaved
    • Unanchored inflation expectations concern us, we will do whatever is needed to bring inflation to target
    • This will happen regardless of who will be the next central bank chief
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