Cards close to the chest

BRAZIL ECONOMICS - Report 20 Mar 2025 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

As expected, the Copom raised the Selic target rate from 13.25% to 14.25% per year, citing the adverse inflation scenario, reflected in still-elevated projections. Regarding its next moves, the Committee signaled its intention—should the expected scenario materialize—to persist with the monetary tightening process in the May meeting, albeit at a slower pace, which we project to be 0.5 percentage points.

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