Banco Central do Brasil summary headlines via Reuters:
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The decision was unanimous.
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Additional caution is needed for the next meeting.
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The scenario also demands flexibility to incorporate data that impact the inflation outlook.
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The Bank will remain vigilant, and the calibration of monetary policy tightening will continue to be guided by the objective of bringing inflation back to target within the relevant time horizon.
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Calibration will depend on inflation dynamics, especially components more sensitive to monetary policy and economic activity, as well as on inflation projections and expectations, the output gap, and the balance of risks.
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The external environment, particularly U.S. trade policy, and the domestic environment, especially fiscal policy, have been influencing asset prices and expectations.
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Risks to the inflation outlook, both upside and downside, are higher than usual.
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The global environment is adverse and particularly uncertain, mainly due to U.S. economic policy and outlook, especially its trade policy and effects.
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Trade policy has added to global uncertainties, particularly regarding the extent of the economic slowdown and the heterogeneous effects on inflation across countries.
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A set of indicators on local economic activity and the labour market is still showing strength, although there are early signs of moderation in growth.
This article was written by Eamonn Sheridan at www.forexlive.com.