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Headline IPCA Inflation Expected To Continue Downtrend

BRAZIL
  • Consumer prices as measured by the IPCA are expected to have declined 0.10% in June on a monthly basis. For the annual read, the index will likely reach 3.14%, below the 3.94% in May and 3.40% print seen in mid-June. The latest downtick should bolster the calls for BCB monetary easing to begin at the August 02 meeting. It is worth noting that BCB Monetary Policy Director Diogo Guillen is set to speak in event at 1535ET. National statistics agency IBGE to disclose inflation report at 1300BST/0800ET:
    • June IBGE Inflation IPCA M/m, est. -0.10%, prior 0.23%
    • June IBGE Inflation IPCA Y/y, est. 3.14%, prior 3.94%
    • Latest headline: BRAZIL'S LULA SAYS INFLATION IS GOING DOWN AND SOON INTEREST RATES WILL AS WELL (Reuters News)
  • Separately, Senate Chief Rodrigo Pacheco is set to meet Finance minister Fernando Haddad and Planning minister Simone Tebet at the official residence today.
  • Brazil’s treasury will auction inflation-linked bonds maturing in 2026, 2033 and 2050; size of the action and amount sold in each maturity may also impact the performance of the local swap curve following the inflation data.
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