Blow hot and cold

BRAZIL ECONOMICS - Report 14 May 2025 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

The minutes from last week’s Copom (Monetary Policy Committee) meeting sounded more ambiguous than the statement released at the time. The tone of the original document, which by design is much less detailed than the minutes, suggested a high probability that the Committee would opt to maintain the target for the basic interest rate at 14.75% per year at its June meeting.

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