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Former BCB Director Serra Believes Copom Forward Guidance Should Be Adjusted

BRAZIL
  • BRAZIL CENBANK SHOULD CUT FWD GUIDANCE TO 1 MEETING AHEAD: SERRA
  • BRAZIL TRADE SURPLUS TO CONTINUE, BRL TO STRENGTHEN (BBG)
  • Following colour on these headlines from former BCB director Bruno Serra:
  • Two former directors, Bruno Serra and Tiago Berriel, both said the Copom should stop signalling the size of the interest rate cut for two meetings ahead. By not signalling what its action will be in June, in the next rate decision meeting, BCB would be guaranteeing “insurance against volatility,” according to Berriel, partner and chief asset strategist at BTG
  • “BCB has already exposed itself too much in the forward guidance,” Berriel stated.
  • Trade surpluses will remain strong in Brazil in the coming years and the real “will have to adjust, it will have to appreciate:” said Serra, now Portfolio Manager at Itaú Asset Management.
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