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MNI BCB Review – Nov 2024: Copom Steps Up Hiking Pace

The Copom accelerated the tightening cycle with a 50bp hike in the Selic rate to 11.25%, in line with expectations.
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 Executive Summary

  • The Copom accelerated the tightening cycle with a 50bp hike in the Selic rate to 11.25%, in line with expectations.
  • The decision was unanimous as the committee continued to strike a hawkish tone, noting the strength of activity, above target inflation and impact of fiscal uncertainty on asset prices and expectations.
  • The committee left the guidance open ended once more, indicating that the totality of the tightening cycle will depend on the incoming data. Analysts expect the 50bp pace of rate hikes to continue with some raising their terminal rate forecasts to 12.50-13.00%

Click to view the full review: MNI BCB Review - November 2024.pdf

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 Executive Summary

  • The Copom accelerated the tightening cycle with a 50bp hike in the Selic rate to 11.25%, in line with expectations.
  • The decision was unanimous as the committee continued to strike a hawkish tone, noting the strength of activity, above target inflation and impact of fiscal uncertainty on asset prices and expectations.
  • The committee left the guidance open ended once more, indicating that the totality of the tightening cycle will depend on the incoming data. Analysts expect the 50bp pace of rate hikes to continue with some raising their terminal rate forecasts to 12.50-13.00%

Click to view the full review: MNI BCB Review - November 2024.pdf