The pause continued

BRAZIL ECONOMICS - Report 31 Jul 2025 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

As expected, the Central Bank’s Monetary Policy Committee (Copom) kept the benchmark interest rate target at 15% per year. At the same time, however, in a curious grammatical construction, it stated that:

“If the expected scenario materializes, the Committee foresees a continuation of the interruption of the rate hiking cycle to examine its yet-to-be-seen cumulative impacts, and then evaluate whether the current interest rate level, assuming it stable for a very prolonged period, will be enough to ensure the convergence of inflation to the target.” (our emphasis)

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