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BRAZIL: Finance Minister Haddad Says BCB Needs To Consider Global Rates Context

BRAZIL
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  • Ahead of tomorrow’s Copom meeting, when the BCB is expected to start a short tightening cycle with a 25bp hike, Finance Minister Haddad said that the central bank needs to consider the global outlook and likelihood that international interest rates will be reduced. He said that inflation in Brazil is not out of control, while acknowledging that the government made some mistakes in its communications that affected the discussion about interest rates.
    • The full MNI preview of tomorrow’s Copom meeting, with analyst views is here.
  • Separately, Supreme Court Justice Flavio Dino authorised the government to issue extraordinary spending credits outside the fiscal limits to combat wildfires throughout the country. Haddad said that the spending on fires does not hurt the country’s fiscal rules, and that the measures are extraordinary.
  • On the data front, formal job creation figures for August may be released later. Meanwhile, Finance Minister Haddad has a meeting with BNDES’ Planning and Institutional Relations director, Nelson Barbosa, at 2100BST(1600ET).
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  • Ahead of tomorrow’s Copom meeting, when the BCB is expected to start a short tightening cycle with a 25bp hike, Finance Minister Haddad said that the central bank needs to consider the global outlook and likelihood that international interest rates will be reduced. He said that inflation in Brazil is not out of control, while acknowledging that the government made some mistakes in its communications that affected the discussion about interest rates.
    • The full MNI preview of tomorrow’s Copom meeting, with analyst views is here.
  • Separately, Supreme Court Justice Flavio Dino authorised the government to issue extraordinary spending credits outside the fiscal limits to combat wildfires throughout the country. Haddad said that the spending on fires does not hurt the country’s fiscal rules, and that the measures are extraordinary.
  • On the data front, formal job creation figures for August may be released later. Meanwhile, Finance Minister Haddad has a meeting with BNDES’ Planning and Institutional Relations director, Nelson Barbosa, at 2100BST(1600ET).