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March 5, 2015

Another 50bp adjustment of the SELIC rate

As in the previous two meetings, the Monetary Policy Committee (COPOM) decided to hike the SELIC rate by 50bp to 12.75% (vs. 7.25% two years ago). The remaining uncertainties about the government's ability to deliver a fiscal adjustment amid a turbulent political environment, the ongoing weakening of the Brazilian real (the…

July 17, 2014

The BCB leaves the SELIC unchanged at 11%

As widely expected, the monetary authority announced yesterday after financial markets closed in Brazil that policy rates will remain at 11%. We expect the BCB to maintain the SELIC rate at the current level at least until the end of the year. On the one hand, weak growth and the imminence of presidential elections limit th…

June 6, 2014

Activity data in Chile confirms moderation; inflation surprised to the upside in Colombia

The context of activity and inflation in Chile is in line with a wait and see stance in monetary policy in the short term. Inflation figures in Colombia surprised to the upside for the fourth consecutive month. Minutes of the last MP meeting in Brazil were in line with our view of stability in the MPR in a context of deteri…