Credit where credit is due

BRAZIL ECONOMICS - Report 06 Aug 2025 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

The Copom minutes revive the curious formula of the “continuation of the interruption of the rate hiking cycle,” reaffirming the end of monetary tightening without stating it outright. This is, after all, a continuation of the decision made in June, which helps explain the scarcity of significant changes in these minutes.

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