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Confirmation That CMN Do Not Rule On Inflation Targets

  • Brazil’s National Monetary Council, known as CMN, approved three resolutions at its meeting on Thursday including the Central Bank’s balance sheet. None of the resolutions ruled on the inflation target, as had been widely expected given Finance minister Haddad’s dismissal of the claim before the meeting.
    • Finance Minister Haddad will meet with President Lula in Brasilia today at 0930 local time.
    • Domestic focus turns to next Monday’s latest Focus survey for the latest round of inflation projections, followed by Friday’s release of mid-month IPCA inflation data.
  • Markets may react to Vale’s 4Q22 earnings report, disclosed on Thursday, that showed the mining giant missing estimates on adjusted earnings before items as higher costs added to a dip in net sales. The company’s management holds a conference call with analysts at 11am local time.

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