Temporary Relief in the Storm

BRAZIL ECONOMICS - Report 20 Jun 2024 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

This time there were no surprises as the Central Bank's Monetary Policy Committee (Copom) decided, as expected, not only to maintain the target for the benchmark interest rate at 10.5% per year but also did so unanimously, scaling down – at least for now – fears of another divided decision, which would certainly have negative effects on expected inflation.

There was no significant change in the main lines of the Central Bank's baseline scenario. The Committee maintained its view on the international and domestic developments that exert upward pressure on inflation, limiting the scope for monetary easing.

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