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Galipolo Says BCB Will Have To Adjust Guidance Eventually, May Have Associated Cost

BRAZIL
  • Brazil central bank director Galipolo revelled in the fact that Brazil is witnessing better than expected inflation figures, even with a stronger economy and a more resilient labour market. Galipolo maintained that the central bank is always monitoring inflation, and it is always the key focus of monetary policy.
  • On the forward guidance, the central bank showed courage in starting with the 50bp pace and indicating guidance for further cuts of the same magnitude in upcoming meetings, which provides time to assess the economy's reaction speed.
  • Galipolo said that if the BCB had removed the plural from its guidance, the same action could have been interpreted with opposite meanings, indicating either an acceleration or deceleration of the easing pace.
  • At some point, the BCB will have to remove the plural of our guidance, there may be a cost associated with it, said Galipolo. (Reuters)
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