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Reporting on key macro data at the time of release.
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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- As expected, Brazil IPCA-15 inflation continues to increase, rising to 7.27% YoY in May (vs. 7.38% exp.) and up from 6.17% the previous month.
- We have seen that inflationary pressures have intensified in the EM market, with CPI inflation diverging significant from the CBB upper tolerance band of 4.75%.
- Hence, CBB has started a tightening cycle to reduce inflation risks and has already raised the Selic rate by 150bps since the start of the year to 3.5%.
- Economist expect the Selic rate to stand at 5.5% at the end of this year.