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Goldman Sachs See Monetary Policy Pivot In 2-3 Months

BRAZIL
  • Goldman Sachs have noted that core inflation printed at 0.37%, with the annual measure easing to 6.72% yoy, down from 9.12% at end-2022 and first print below 7% since Oct-21. Inflation diffusion moderated to 56.0% (vs 66.0% in April and 72.4% a year ago).
  • GS expect the annual inflation rate to dip into the mid-3% handle in June, a reflection of high base effects.
  • In their assessment, the improving inflation outlook, BRL strengthening, and stabilizing inflation expectations should support a monetary policy pivot in 2-3 months.
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