COPOM sees lower inflationary pressures in the short-term

Summary

The minutes of last week's monetary policy meeting brought no exciting news. The messages included in the previous official communication suggesting the SELIC rate will remain at 11.0% for some time were maintained unchanged. However, it is worth noting that the Monetary Policy Committee (COPOM) now sees lower inflationary pressures in 2014 than before. We expect the SELIC rate to be left at 11.0% during the remainder of the year and then to be adjusted upward next year.

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