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Campos Neto Stresses Inflation Going in Right Direction

BRAZIL
  • Speaking to Globo TV, BCB chief Campos Neto reiterated that inflation is “going in the right direction”, and shed some more light on his meetings with Lula. Campos Neto claimed he “listened more than talked” and added that Lula pays more attention in discussions on policy relative to his predecessor Bolsonaro.
  • Estado quotes Tebet as stating that the government should move and actively pursue the goal of closing the deficit gap in public accounts net year, enacting public spending control in the process.
  • Public transport strikes are taking place across Sao Paulo, as workers protest against potential privatization plans – action that the local government have claimed is a political, illegal and unjustifiable act. Valor reports the local government continue to pursue plans to study the potential impacts of privatisation on the subway and metropolitan train company.
  • Late yesterday, the Senate approved the Desenrola bill that caps credit card rates at 100% last night – considerably below the current average rate of 450%. Credit card issuers will now have 90 days to submit their own regulatory proposal to the monetary council for approval, or the cap will take effect. The banking lobby have retorted, claiming the move will harm credit availability across the country.
  • August industrial production due at 9am local time (1300BST/0800ET), Y/Y Exp. +1.0%, prior -1.1%, M/M Exp. +0.5%, prior -0.6%.
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