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Morgan Stanley Research On BCB’s “Very Hawkish Tone”

BRAZIL
  • In Brazil, in a very hawkish tone, the BCB decided to hike rates by 100bp, bringing rates to 11.75%. This was in line with our expectations and market consensus.
  • Yet, differently from what MS economists expected, policymakers hinted the same hiking magnitude (100bp) for the next meeting in May.
  • The monetary authority flagged it will need to push up rates “significantly into an even more restrictive territory” from “significantly into a restrictive territory” in the previous statement.

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