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Campos Neto Says Will Do What Is Necessary To Lower Inflation, But Rate Hike Highly Unlikely

BRAZIL
  • BCB President Campos Neto said that the central bank will do whatever is necessary to bring inflation down to target, adding that they are not afraid of taking action if needed. However, he also said that it is highly unlikely that the bank will raise rates. Campos Neto said that they are monitoring services prices very closely, but noted that CPI inflation is converging to target and that the last data print was better than expected.
  • He also said that the repricing in Brazilian assets last week was only partly related to the new fiscal target and mostly connected to recent global developments, adding that there is no mechanical link between fiscal and monetary policy. The next Copom meeting will be held on May 8th.
  • Data wise, weekly trade balance data are released at 1900BST(1400ET) today. The focus this week, however, will be on half month IPCA inflation data, due for release on Friday.
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