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Finance Minister Believes Selic Rate Could Be 100BPs Below Current Level

BRAZIL
  • (Reuters) - Finance Minister Fernando Haddad believes Brazil's benchmark interest rate could be a full percentage point below the current 11.75%, he said in a newspaper interview published on Tuesday.
  • Haddad had previously said he thought interest rate cuts should have started earlier as consumer prices cooled, but acknowledged in the interview that there was some divergence about it at the central bank. Alongside the comments, Haddad signalled that President Luiz Inacio Lula da Silva no longer had issues with central bank Governor Roberto Campos Neto, whom he harshly criticized early last year for high interest rates.
  • Despite expectations remaining firmly for two more consecutive 50bp rate cuts, the comments come at an interesting time as two new (Lula appointed) BCB board members take their new positions. With the newest four recruits all being appointed during the Lula administration’s term, some have suggested this may give the committee a more dovish lean at the margin.
  • Rodrigo Alves Teixeira and Paulo Picchetti began their terms on the central bank’s board of directors at the beginning of 2024 and the next COPOM meeting is scheduled for January 31.
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