MNI BRIEF: Copom Will Do "Whatever It Takes" -BCB Campos Neto
MNI (BRASILIA) - The governor of Brazil's Central Bank, Roberto Campos Neto, said Monday the monetary policy committee will unanimously do "whatever it takes" to bring inflation back to the 3% target, adding that the 12-month inflation rate has reversed its declining trend and has recently ticked up slightly to 4.5%.
"Lately, we've been closely monitoring what's happening with the services sector and whether the tight labor market might have some impact," he said at an event sponsored by Fundação Getulio Vargas (FGV) in São Paulo.
"We’ve noticed that industrial goods, which had been stable, have started to increase slightly. Inflation is running above the target, and our expectations are unanchored, which is a concern for us at the Central Bank. We've been delivering a clear and unanimous message that the Central Bank will do whatever it takes to bring inflation back to the target," he added. (See MNI INTERVIEW: Copom To Hold Rates Despite Hawkish Tone -Velho)