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BRAZIL: Governor Galipolo Says BCB at ‘Very High’ Interest Rate Level

BRAZIL
BulletEM BulletEmerging Market News
  • Headlines from BCB Governor Galipolo crossing the wires, who states that interest rates are at a very high level from the point of view of monetary tightening. He states the Copom took a clear step towards setting interest rates at a restrictive level with some security.
  • As a reminder, the BCB have guided for another 100bp hike at their next meeting in March, but no guidance was provided beyond that date.
  • In an exclusive interview with MNI earlier this week, former deputy governor for international affairs Tony Volpon said the Copom could then stop or slow its tightening pace. He pointed to the minutes bringing up a discussion over a possible economic slowdown, and noted that "if you really wanted to send a deliberately hawkish message, you wouldn’t have brought this up”.
  • Terminal selic rate pricing has eased substantially from the December peak for yields, in line with the BCB’s intervention to stabilise BRL.
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  • Headlines from BCB Governor Galipolo crossing the wires, who states that interest rates are at a very high level from the point of view of monetary tightening. He states the Copom took a clear step towards setting interest rates at a restrictive level with some security.
  • As a reminder, the BCB have guided for another 100bp hike at their next meeting in March, but no guidance was provided beyond that date.
  • In an exclusive interview with MNI earlier this week, former deputy governor for international affairs Tony Volpon said the Copom could then stop or slow its tightening pace. He pointed to the minutes bringing up a discussion over a possible economic slowdown, and noted that "if you really wanted to send a deliberately hawkish message, you wouldn’t have brought this up”.
  • Terminal selic rate pricing has eased substantially from the December peak for yields, in line with the BCB’s intervention to stabilise BRL.