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Latest BCB Focus Survey Sees Higher 2023 Year-End Selic Rate Forecast

BRAZIL
  • The central bank have published the results of the latest weekly economists’ survey. The results show that the 2023 year-end Selic rate forecast has been increased by 25bps, bolstering the theory of higher rates for longer. 2023 year-end inflation expectations were nudged higher by 3pp.
    • 2023 year-end inflation raised to 5.39% from 5.36%
    • 2024 year-end inflation held at 3.70%
    • 2023 GDP cut to 0.77% from 0.78%
    • 2024 GDP held at 1.50%
    • 2023 year-end Selic rate raised to 12.50% from 12.25%
    • 2024 year-end Selic rate held at 9.25%
    • 2023 year-end exchange rate unchanged at 5.28 BRL/USD

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