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MNI BCB Review - December 2021: Further Hawkishness

MNI BCB Review - December 2021

Executive Summary

  • At the December 8 meeting, the Copom unanimously decided to increase the Selic rate by 150bps to 9.25%. The decision was in line with all surveyed estimates.
  • Despite some analysts citing the potential for a relatively dovish statement given the concerns surrounding the growth outlook, the post meeting statement maintained a firm hawkish stance.
  • Indeed, the Copom hardened their language by stating that it will be appropriate to advance the process of policy tightening “significantly into the restrictive territory”. Additionally, the Copom highlighted they will persist with their strategy “until the disinflation process and the expectation anchoring around its targets consolidate”.
  • The statement concluded by forecasting another rate hike of the same magnitude at the next meeting. The Copom added their usual caveat that future steps can be adjusted if they deem it necessary to safeguard the convergence of inflation towards its targets.

Click to view the full review: MNI BCB Review - December 2021.pdf

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