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Copom Minutes Scheduled For 1200BST/0700ET

BRAZIL
  • Brazil’s central bank are due to release the minutes from last week’s Copom meeting where the committee unanimously decided to keep the Selic rate unchanged at 13.75%.
  • Importantly, the statement still included the phrase that the committee will not hesitate in resuming the tightening cycle if the disinflationary process does not proceed as expected. Our full review of that meeting is here.
  • Immediately after the decision, finance minister Haddad said the statement was “very concerning”. Haddad recalled that the statement of the previous meeting in February was also “very tough,” but that the minutes released the following week were “softer.”
  • “We hope this will happen again, but we are going to send the Central Bank our analysis of what is most recommendable for the Brazilian economy to find a balanced trajectory for the debt, inflation, public accounts and meeting social demands,” he said.
  • Analysts note they will be looking for a broader discussion of the implication of lingering fiscal risk and uncertainty around the fiscal framework, and how the evolving external backdrop and domestic credit dynamics can potentially impact the calibration of monetary policy.
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