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Copom Minutes Of November Meeting Released

BRAZIL
  • Copom minutes here: https://www.bcb.gov.br/en/publications/copomminutes
  • Some highlights here:
    • “Amid an uncertain geopolitical context, with a strong labor market and tightened output gap in advanced economies, Copom believes that the prolonged monetary policy tightening strategy has been essential to control global inflation, facilitating inflation control in emerging markets. Conversely, the global monetary tightening can put pressure on the exchange rate and impact the prices of domestic assets, contributing to a slower disinflation process in the short term.”
    • “Finally, when incorporating the multiple transmission channels into a more uncertain environment, Copom evaluates as appropriate to adopt a more cautious stance in face of the risks involved.”
    • On fiscal policy: “Copom reinforced its view that the lack of commitment to structural reforms and fiscal discipline, the increase of earmarked credit granting, and the uncertainties about the stabilization of the public debt have the potential to raise the neutral interest rate of the economy, with harmful impacts on the power of monetary policy and, consequently, on the cost of disinflation in terms of activity.”
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