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Published on Wednesday, December 3, 2014

Today the BCB is expected to announce an increase in the Selic rate

The recent stabilisation of the exchange rate and the positive surprises in inflation support our estimation of a 25bp rise in the Selic rate, but a 50bp adjustment should not come as a surprise. The minutes of the latest MP meeting in Chile should confirm that the recent rise in inflation, although transitory, has influenced the recent pause in monetary stimulus.