Groundhog Day

BRAZIL ECONOMICS - Report 19 Sep 2024 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

The Monetary Policy Committee (Copom) decided to hike the target for the benchmark Selic rate from 10.50% per year to 10.75% per year, in line with expectations from both analysts and market participants.

The upward revision of the output gap estimate — thought to be near zero at the last Copom meeting — and the acknowledgment of an asymmetrical upward risk balance were the most significant changes in the economic outlook analyzed by the Central Bank, hence the main reason for the decision.

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