Central Bank of Brazil

December 6, 2017

The Selic rate was reduced to 7.0% from 7.5%. The size of the decline, the smallest of eight in 2017, did not surprise analysts. The rate is 625 basis points lower than at end-2016 and down 10.5 percentage points since mid-2014. Today’s decision was voted unanimously and without bias by Copom, the policy committee, and a statement┬ádefending an accommodative stance asserts that inflation has evolved largely as officials had been expecting. “The Committee judges that convergence of inflation to the 4.5% target over the relevant horizon for the conduct of monetary policy, which includes 2018 and 2019, is compatible with the monetary easing process.”

Copyright 2017, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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