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Tebet Argues That if Rates Not Cut in August, BCB Governor Must be Called

BRAZIL
  • Brazil's planning minister Tebet states that the BCB minutes released earlier today recognize that the economy is on the right path. Tebet adds that if rates are not cut in August, the BCB governor must be called - concluding that the minutes now seem different to the earlier policy statement.
  • The Tebet comments follow the publication of the BCB minutes earlier today, at which the bank board stated that they see services and core CPI as slowly decelerating and signalled that a majority of the BCB board were in favour of signalling the possibility of an August rate cut.
  • Earlier today (after the publication of the minutes), JPM revised their BCB view, seeing a 25bps cut in August, with a 50bps rate at the subsequent meeting. They had previously seen September as the first rate cut in Brazil.
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