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 defending 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.”
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Tags: Central Bank of Brazil