Brazil | Still no room for a monetary easing

Summary

The minutes of last week's monetary policy meeting, the last before the replacement of Alexandre Tombini by Ilan Goldfajn as BCB governor, signaled that the conditions for the beginning a monetary easing cycle are still not given. In spite of the changes in its board, we expect the BCB to continue to hold this view. Therefore, we see unlikely a Selic cut in the short-term.

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