The dance of solitude

BRAZIL ECONOMICS - Report 17 Dec 2024 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

The Copom minutes, a laborious document, revealed a worrisome view of inflation. In the Committee's words:

"that a further deterioration in the inflation scenario has occurred, as reflected in inflation expectations and projections. It concluded that the shorter-term determinants – such as the exchange rate and current inflation – and the medium-term determinants – such as the output gap and inflation expectations – have deteriorated significantly. This worsening calls for an even more contractionary monetary policy."

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