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One Member Argues An Asymmetric Upward Bias To Balance of Risks Introduced

BRAZIL
  • ”Inflation expectations remain unanchored and are a cause for concern. The Committee believes that lowering expectations requires firm action by the monetary authority, as well as continued strengthening of the credibility and reputation of both the institutions and the fiscal and monetary frameworks that make up the Brazilian economic policy.”
  • “One member believes that the external scenario introduces an asymmetric upward bias in the balance of risks for inflation. The other members believe that the international scenario primarily affects the degree of uncertainty regarding the balance of risks. The Committee is unanimous in its assessment that the increased uncertainty in the global scenario calls for caution.”
  • “Copom emphasized again that the extension of the cycle over time will depend on the inflationary dynamics, especially the components that are more sensitive to monetary policy and economic activity, on inflation expectations, in particular the longer-term ones, on its inflation projections, on the output gap, and on the balance of risks.”
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