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Campos Neto Affirms Importance Of BCB Independence, Tiradentes Day Holiday

BRAZIL
  • BCB Governor Roberto Campos Neto said in an event in London that rates are where they need to be to rein in demand-driven inflation. He said without the current level of the Selic rate at 13.75%, Brazil would be dealing with much higher consumer-price growth, pointing toward the need for an even more aggressive tightening.
    • “The technical timing is different from the political timing” in guiding decisions on rates, said Campos Neto. “And that’s why the central bank’s independence is so important.”
    • Campos Neto added that real interest rates are not high compared to historical levels.
  • Tiradentes Day holiday in Brazil today. Focus turns to next week’s Focus Survey and mid-April IPCA inflation print where currently the annual rate of inflation is expected to continue its downtrend to 4.21% Y/y.
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