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Lula Team Dismayed By BCB Statement, IPCA Inflation Due Thursday

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  • Brazil’s Luiz Inacio Lula da Silva and members of his economic team were dismayed by the harsh statement published by the country’s central bank last week, three people with knowledge of the matter said, a signal that tensions between the independent central bank and the left-wing president are far from over. (Bloomberg)
  • USDBRL is opening around 0.8% higher, broadly in line with regional peers and the firmer dollar. BCB minutes on Tuesday and Thursday’s inflation data for January highlight the local docket.
    • A little earlier, the latest Focus survey showed a marginal increase for both 2023 and 2024 year-end inflation, while both the 2024 and 2025 year-end Selic rate forecasts were also increased by 25 and 50bps respectively.
  • Lula will be in Rio de Janeiro, where he attends Brazil development bank BNDES’s CEO Aloizio Mercadante swearing-in ceremony at 10am. During the afternoon, Lula will attend events with Rio de Janeiro Mayor Eduardo Paes and Health Minister Nisia Trindade.
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  • Brazil’s Luiz Inacio Lula da Silva and members of his economic team were dismayed by the harsh statement published by the country’s central bank last week, three people with knowledge of the matter said, a signal that tensions between the independent central bank and the left-wing president are far from over. (Bloomberg)
  • USDBRL is opening around 0.8% higher, broadly in line with regional peers and the firmer dollar. BCB minutes on Tuesday and Thursday’s inflation data for January highlight the local docket.
    • A little earlier, the latest Focus survey showed a marginal increase for both 2023 and 2024 year-end inflation, while both the 2024 and 2025 year-end Selic rate forecasts were also increased by 25 and 50bps respectively.
  • Lula will be in Rio de Janeiro, where he attends Brazil development bank BNDES’s CEO Aloizio Mercadante swearing-in ceremony at 10am. During the afternoon, Lula will attend events with Rio de Janeiro Mayor Eduardo Paes and Health Minister Nisia Trindade.