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Central Bank Minutes Due, Haddad To Meet With Senators

BRAZIL
  • In a busy start to the day, the BCB will publish the minutes to last week’s policy meeting, when it cut the SELIC rate by another 50bp, at 1100GMT(0600ET). The committee kept the statement virtually the same to before, signalling further 50bp cuts in the coming meetings. The minutes will be followed by the latest weekly Focus survey at 1125GMT, with analyst estimates for GDP, FX, inflation and the Selic rate. In terms of the macro data, FGV inflation figures for January will also be published at 1100GMT, with consensus for prices to fall -3.45% y/y, vs. -3.3% prior. Total outstanding loans data for December will also cross at 1130GMT.
    • Jan. FGV Inflation IGP-DI YoY, est. -3.45%, prior -3.30%
    • Jan. FGV Inflation IGP-DI MoM, est. -0.10%, prior 0.64%
  • On the political front, Finance Minister Haddad will discuss the government’s 2024 economic agenda in a panel at a BTG Pactual’s CEO Conference at 1240GMT. BCB Governor Campos Neto will also speak at the conference from 1200GMT. Later today, Haddad will meet with senators this afternoon (1800GMT), followed by a meeting with Federal Deputies. Market participants will be watchful for any developments on the payroll tax discussions and the next phase of tax reform.
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