Published on Thursday, March 12, 2015 | Updated on Thursday, March 12, 2015
Brazil | More dovish monetary policy minutes, but the tightening cycle is not over yet
Summary
The monetary policy minutes revealed that the COPOM sees a deterioration in the risks for inflation in 2015 and believes that measures adopted up to now are insufficient to take inflation to 4.5% in 2016, signalling that the tightening cycle is not over. However, they showed that the COPOM is more optimistic on 2016 inflation, supporting the view of a 25bp hike in April.
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Authors
ED
Enestor Dos Santos
BBVA Research - Principal Economist