Between a Rock and a Hard Place

BRAZIL ECONOMICS - Report 07 Nov 2024 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

There were no surprises in the Copom’s decision: as expected, the committee raised the target for the benchmark interest rate by 0.50 percentage points, from 10.75% to 11.25% per year, without providing further indications about its next steps or the total extent of the monetary tightening cycle. The statement itself was similar to the one published in September, although we noticed a slight increase in critical tone regarding fiscal policy.

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