Subdued inflation and low interest rates: The positive legacy left for the new government

BRAZIL ECONOMICS - Report 10 Dec 2018 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

The combination of low inflation and low interest rates for an extended period is an inheritance that leaves no reason for the new government to complain. In November a new “surprise” occurred, with inflation finishing below the median of projections, giving another clear indication of no inflationary risk for the time being. Our projection is that inflation at the end of 2019 will be below the target, and that the interest rate will remain low for an extended period.

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