Monetary Policy Minutes
Brazil’s central bank (BCB) has released the minutes of its March 2 meeting—at which the monetary policy committee (COPOM) unanimously increased the benchmark SELIC rate by 50 bps to 11.75%. According to COPOM, while inflation dynamics during recent months were an important factor affecting the March decision, COPOM generally has adopted a more positive outlook on inflation.
COPOM stressed that the evolution of inflation since its last meeting was negative, influenced by food prices, which reflected domestic and external demand shocks. However, the committee[...]