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Focus Survey Shows Rising Inflation Expectations, Copom Meeting Wednesday

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  • Economists have raised their 2023 CPI forecast to 5.74% from 5.48% in the latest BCB Focus survey. Additionally, the 2024 year-end inflation estimate was raised to 3.90% from 3.84%. The deterioration in expectations comes following the above estimate mid-month IPCA reading last week and ahead of the Copom decision/meeting this Wednesday.
  • All surveyed analysts expect the BCB to maintain the Selic rate at 13.75%, however, the statement will be closely scrutinised regarding the country’s fiscal developments and their potential impact for the balance of risks going forward.
  • Today, Finance Minister Fernando Haddad and Planning Minister Simone Tebet have a meeting with Bank’s Federation known as Febraban. Haddad has another meeting in Sao Paulo with Industries Federation Fiesp.
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  • Economists have raised their 2023 CPI forecast to 5.74% from 5.48% in the latest BCB Focus survey. Additionally, the 2024 year-end inflation estimate was raised to 3.90% from 3.84%. The deterioration in expectations comes following the above estimate mid-month IPCA reading last week and ahead of the Copom decision/meeting this Wednesday.
  • All surveyed analysts expect the BCB to maintain the Selic rate at 13.75%, however, the statement will be closely scrutinised regarding the country’s fiscal developments and their potential impact for the balance of risks going forward.
  • Today, Finance Minister Fernando Haddad and Planning Minister Simone Tebet have a meeting with Bank’s Federation known as Febraban. Haddad has another meeting in Sao Paulo with Industries Federation Fiesp.