{"id":88757,"date":"2024-05-09T11:37:36","date_gmt":"2024-05-09T14:37:36","guid":{"rendered":"https:\/\/murray.adv.br\/?p=88757"},"modified":"2024-05-09T11:37:37","modified_gmt":"2024-05-09T14:37:37","slug":"brazil-slows-rate-cuts-amid-division-within-monetary-policy-committee","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazil-slows-rate-cuts-amid-division-within-monetary-policy-committee\/","title":{"rendered":"Brazil slows rate cuts amid division within Monetary Policy Committee"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong><em>Policy interest rate was cut by 25 bp; decision was made by 5 to 4 in the collegiate meeting<\/em><\/strong><\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>09\/05\/2024<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/s2-valorinternational.glbimg.com\/Jl-cEeAEGg6P9coQjdjR99-pkag=\/0x0:3763x2509\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2024\/S\/F\/19AMCQRryyM0OzdwaeoA\/37942236145-819f179f73-o.jpg\" alt=\"Central Bank\u2019s building in Bras\u00edlia \u2014 Foto: Beto Nociti\/BCB\" style=\"width:746px;height:auto\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><em>Central Bank\u2019s building in Bras\u00edlia \u2014 Foto: Beto Nociti\/BCB<\/em><\/p>\n\n\n\n<p>In a decision that divided its members, the Central Bank\u2019s Monetary Policy Committee (COPOM) on Wednesday reduced the policy interest rate, known as Selic, to 10.50% per year from 10.75% per year. The 25-basis-point cut was supported by five members of the committee, while the other four voted to continue the 50 bp reduction, as in the last six meetings.<\/p>\n\n\n\n<p>This division has sparked adverse reactions among market agents, who are concerned about a potentially more inflation-tolerant board after Central Bank President Roberto Campos Neto\u2019s term ends this year.<\/p>\n\n\n\n<p>The board consists of the Central Bank president and eight directors. Mr. Campos Neto and directors Carolina de Assis Barros, Diogo Guillen, Ot\u00e1vio Damaso, and Renato Dias de Brito Gomes supported the 25-bp cut. In contrast, Ailton de Aquino Santos, Gabriel Gal\u00edpolo, Paulo Picchetti, and Rodrigo Teixeira, all appointed by President Lula, voted for a 50-bp reduction.<\/p>\n\n\n\n<p>A Valor survey had predicted this outcome, with 78 of the 118 financial institutions and consultancies expecting a 25-bp cut and another 40 anticipating a 50-bp reduction.<\/p>\n\n\n\n<p>The last split in the committee over interest rate cuts occurred at the start of the current cut cycle in August 2023. At that time, the decision to reduce the rate to 13.25% per year from 13.75% per year garnered five votes\u2014those of Mr. Campos Neto, Mr. Aquino, Mr. Barros, Mr. Gal\u00edpolo, and Mr. Damaso. Directors Fernanda Guardado, Maur\u00edcio Moura, Guillen, and Gomes had voted for a 25-bp reduction.<\/p>\n\n\n\n<p>A significant development in Wednesday\u2019s statement was the absence of clear guidance on the next steps for the Selic rate. Historically, the COPOM has indicated reductions of 50-bp cuts in \u201cupcoming meetings.\u201d This pattern shifted at the March meeting when the guidance was narrowed to a 50-bp cut at only the \u201cnext meeting\u201d amid heightened uncertainty. Since then, the landscape has grown even murkier, and such a cut has not materialized.<\/p>\n\n\n\n<p>Contributing to this uncertainty were doubts about the direction of interest rates in the United States and the Brazilian government\u2019s revision of the fiscal target for 2025 from a surplus of 0.5% of GDP to a zero deficit. In this context, Mr. Campos Neto outlined four potential scenarios for monetary policy. The first scenario would see a reduction in uncertainty, taking \u201cthe usual path.\u201d The second would occur if high uncertainty persisted without significant changes, potentially leading to \u201ca reduction in pace.\u201d In the third scenario, increasing uncertainty would strongly impact key variables, necessitating a discussion on adjusting the risk balance. In the worst case, escalating uncertainty would cause global stress, prompting the Central Bank to alter its baseline scenario.<\/p>\n\n\n\n<p>In its latest statement, the COPOM noted that the external environment \u201cappears to be more adverse.\u201d In March, the situation was described as \u201cvolatile.\u201d The increased adversity is attributed to significant uncertainty about when the United States will begin monetary easing and \u201cthe speed at which a sustained decline in inflation will be observed in several countries.\u201d<\/p>\n\n\n\n<p>Regarding the domestic situation, the statement indicated that economic activity and labor market indicators \u201chave been more dynamic than expected.\u201d In March, the COPOM had described these indicators as consistent \u201cwith the economic slowdown scenario anticipated by the COPOM.\u201d<\/p>\n\n\n\n<p>On fiscal matters, the COPOM has been closely monitoring \u201crecent developments in fiscal policy and their impact on monetary policy,\u201d emphasizing that a credible fiscal policy \u201ccommitted to debt sustainability helps anchor inflation expectations and reduce financial asset risk premiums, consequently affecting monetary policy.\u201d Before the fiscal targets were revised, the committee had underscored \u201cthe importance of the firm pursuit of these targets.\u201d<\/p>\n\n\n\n<p>The statement also emphasized that the board \u201cunanimously\u201d agreed that the uncertain global scenario and the domestic environment, marked by resilience in activity and unanchored expectations, \u201ccall for greater caution.\u201d<\/p>\n\n\n\n<p>The COPOM\u2019s inflation projections have increased, with expectations of 3.8% this year and 3.3% in 2025. In March, inflation was projected at 3.5% for 2024 and 3.2% for 2025.<\/p>\n\n\n\n<p>*Por Gabriel Shinohara, Alex Ribeiro\u00a0\u2014 Bras\u00edlia and S\u00e3o Paulo<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Policy interest rate was cut by 25 bp; decision was made by 5 to 4 in the collegiate meeting 09\/05\/2024 Central Bank\u2019s building in Bras\u00edlia \u2014 Foto: Beto Nociti\/BCB In a decision that divided its members, the Central Bank\u2019s Monetary Policy Committee (COPOM) on Wednesday reduced the policy interest rate, known as Selic, to 10.50% [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[24990,24991],"class_list":["post-88757","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazil-slows-rate-cuts","tag-division-within-monetary-policy-committee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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