MNI BRIEF: Brazil's Copom Remains Data-Dependent - Galipolo
MNI (BRASILIA) - The Central Bank of Brazil will remain data-dependent in determining the pace of rate hikes at its meeting next week, Deputy Governor for Monetary Policy Gabriel Galipolo said on Monday, as market participants watch out for a possible BCB reaction to growing investor concern over the government’s fiscal position
"At Copom, we receive alternatives and possible pathways from the technical teams to achieve the inflation target. This is always a collective discussion, and as of now, it remains open,” Galipolo said at an event sponsored by XP.
“There are various ways to reach the inflation target, and any statement at this point would be inappropriate, as it could imply some form of guidance. We need to remain open to see how these highly volatile data points evolve in the coming meetings,” he emphasized. (See MNI INTERVIEW: BCB May Speed Up Hikes After Fiscal Package)
Galipolo was approved by Congress to replace Roberto Campos Neto as governor early next year.