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Local Assets Buoyed By Minister’s Comments On Central Bank Autonomy

BRAZIL
  • Brazilian assets are trading with a firmer tone after a cabinet member said the administration will respect a law that gives autonomy to the central bank despite the president’s verbal outbursts against the monetary authority.
    • Institutional Relations Minister Alexandre Padilha also told reporters on Wednesday that the government isn’t considering ways to cut short the terms of central bank board members.
    • After printing as high as 5.2448, USDBRL now trades around 5.18, aided by the softer greenback. Brazil’s major equity benchmark rose just under two percent on Wednesday.
  • Brazil’s current Selic rate is “technically adequate” to bring inflation back to target while an autonomous central bank is a gain for society, central bank’s monetary director Bruno Serra said at an event in Rio on Wednesday.
  • Central bankers follow inflation targets set by the National Monetary Council, he said.
    • “We are dealing with the consequences of a global inflationary shock”.
    • “We’ll loosen monetary policy when conditions allow”.
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