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Petrobras CEO At Senate Committee, BCB Governor Speaks

BRAZIL
  • Petrobras’ CEO Jean Paul Prates attends a public hearing jointly held by the Senate’s Infrastructure and Regional Development Committees to discuss the company’s operating plans, pricing and supply policies, at 10am Brasilia time. This comes following the news announced on Tuesday that Petrobras would be increasing average gasoline prices by 16.3% to 2.93 reais per litre beginning today, while diesel prices would be increased by 25.8% to 3.80 reais per litre.
  • If an agreement is reached at a meeting scheduled for August 21, the fiscal framework bill can be voted on in the floor of the Chamber the following day, said the Speaker the House Arthur Lira at a press conference on Tuesday. Lira stated that the chamber will not be irresponsible with essential themes. (BBG)
  • BCB director Guardado made further comments on Tuesday, signalling the bar for accelerating the pace of interest rate cuts to more than 50 basis points at the following meetings is very high, and would require significant surprises in inflation expectations, the output gap and current inflation.
    • BCB governor Campos Neto grants a lecture at Abrasel Congress (1340BST/0840ET). Later, he meets both BRB and Arko Advice CEOs (1630BST/1130ET).
  • Just released, second tier inflation data FGV CPI IPC-S (Aug11) was -0.07% vs. +0.15% median surveyed estimate.
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