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Haddad Meets With Campos Neto, JPMorgan See Rates Stable Until November

BRAZIL
  • After having met with Central Bank chief Roberto Campos Neto, Brazil’s finance minister Fernando Haddad said that “the meeting went well and there were many issues to discuss”.
    • Overnight reports highlighted that the economic team is said to be working to present the fiscal framework before the March 22 BCB decision in order to put extra pressure on policy makers to show a clearer signal they intend to start an easing cycle soon.
  • JPMorgan noted that despite recognizing efforts on the fiscal front, they still don’t see BCB cutting rates anytime soon, barring a deeper fall in economic activity.
  • “While the fundamentals on inflation and GDP growth could already raise a debate about easier monetary policy, the de-anchoring of inflation expectations amid expectations of more pro-growth quasi-fiscal policy and a potential increase of the inflation target is likely to keep rates stable until November.”
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