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Comments from BCB Governor Campos Neto:

  • There's concern on Brazil's structural growth
  • Brazil to have positive fiscal balance in '21
  • Brazil most likely to revise '22 GDP down from 2.1%
  • 2022 CPI de-anchoring is gaining ground
  • Brazil's risk premium has only deteriorated
  • Market sees fiscal ceiling challenged
  • Brazil needs to continue with economic reforms (All BBG)

  • - Inflation in Brazil has been more persistent and spread than expected
  • - Does not want to raise interest rates too fast and promote overkill
  • - Qualitative aspects of inflation are worse than expected
  • - Cenbank also surprised by persistence of some shocks (All Reuters)