Brazil’s central bank leaves its benchmark rate unchanged for the second month in a row

  • Will remain vigilant
  • Will assess if the strategy of maintaining the Selic rate for a sufficiently long period will be enough to ensure the convergence of inflation
  • Will persist in its strategy until consolidating disinflation and the anchoring of expectations around its targets
  • Will not hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected
  • Relevant horizon for monetary policy includes 2023 and 2024
  • External economic outlook remains adverse and volatile
  • Markets seem more sensitive to fiscal fundamentals, including in developed countries
  • Brazilian economic indicators suggest a more moderate growth rate
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