Itaú BBA - Macro Brazil
  • Quarterly Inflation Report: revising the outlook  

    The inflation report shows forecasts that are consistent, in our view, with further rate cuts in 2020

  • IPCA-15 moves 0.02% in March and 3.67% yoy  

    IPCA-15 increases 0.02% in March. We forecast a 0.07% increase for the CPI at the end of this month.

  • COVID-19 monitor: news cases accelerate in Brazil and the U.S.  

    Recent numbers: cases continue to grow worldwide, driven by Europe and the U.S.

  • $3.9 billion current account deficit in February  

    In the coming months, the current account deficit is expected to recede due to slower economic activity and a weaker exchange rate.

  • Copom Minutes: Busy BCB Day  

    We expect the Copom to cut again once the market situation calms down, taking the Selic to 3.25% p.a., not necessarily in the next meeting.

  • Copom: a hawkish cut?  

    The Copom reduced the Selic rate to 3.75% pa and stated that, for now, they see base rate stability as adequate.

  • Copom Cockpit: Easing with caution  

    We expect the Copom to reduce the Selic rate by 25bps to 4.0% per year.

  • IPCA climbs 0.25% in February and 4.01% year-over-year  

    Core inflation measures remain at comfortable levels.

  • Industrial production increases 0.9% mom/sa in January  

    Capital goods production was the main positive highlight.

  • GDP expands 0.5% qoq/sa in 4Q19  

    Consumer spending and investment on the rise, exports and government spending decline in 2019

  • Rising exports ensure wider-than-expected trade surplus in February  

    The trade balance in February was positive by $3.1 billion, beating our forecast and market estimates

  • Seasonally adjusted unemployment reaches 11.5% in January  

    Participation rate supports the decline in unemployment during the month

  • Primary surplus of BRL 56.3 billion in January  

    Largest primary surplus for the month

  • New non-earmarked loans decline in January  

    Overall delinquency was virtually stable at 3.0%.

  • $11.9 billion current account deficit in January  

    The retreat in the service and income deficits could not offset the decline in trade balance in January

  • IPCA-15 climbs 0.22% in February and 4.21% yoy  

    IPCA-15 increases 0.22% in February. Core inflation measures remain subdued

  • Monthly GDP drops 0.8% mom/sa in December  

    Widespread weakness

  • Broad retail sales fall 0.8% mom/sa in December  

    Widespread weakness in the retail sector

  • COPOM Minutes: on hold, but divided  

    The text points to unchanged interest rates for the time being – we expect the Selic rate to end the year at the present 4.25%.

  • IPCA climbs 0.21% in January and reaches 4.19% year-over-year  

    IPCA below expectations in January

  • Copom: interrupting the cycle  

    The Monetary Policy Committee (COPOM) cut the Selic rate to 4.25% p.a. and decided to interrupt the easing cycle.

  • Industrial production drops 0.7% mom/sa in December  

    Investment-related components cool down in December

  • Imported oil-drilling rigs lead to $1.7 billion trade deficit in January  

    Capital goods imports were inflated by transactions involving oil-drilling rigs in the final week of the month

  • Copom Cockpit: 25-bp cut in the first meeting of the year  

    We expect the Copom to cut the Selic rate by 25bps to 4.25% p.a. in its February 4-5 meeting.

  • 2019 ends with seasonally-adjusted unemployment at 11.6%  

    Participation rate supports the decline in unemployment in late 2019

  • Primary deficit of BRL 62 billion (-0.9% of GDP) in 2019  

    Fiscal prints are gradually improving

  • Continuing growth in new non-earmarked loans  

    Interest rates and the average spread declined

  • Current account deficit ends 2019 at 2.8% of GDP  

    The current account posted a $5.7 bn deficit in December, leading the 2019 deficit to $50.8 bn (2.8% of GDP)

  • IPCA-15 climbs 0.71% in January and 4.34% yoy  

    IPCA-15 increases 0.71% in January. We forecast a 0.29% increase for the CPI at the end of this month.

  • Monthly GDP drops 0.3% mom/sa in November  

    Widespread declines in components

  • Broad retail sales recede after expanding for eight months  

    Advance in core retail sales and drop in the broad concept

  • IPCA climbs 1.15% in December and ends the year at 4.31%  

    IPCA rises 1.15% in December and closes 2019 at 4.31%

  • Industrial production recedes 1.2% in November  

    Manufacturing recedes after three consecutive monthly increases

  • $46.7 billion trade surplus in 2019  

    The trade surplus declined in 2019, but remained at a historically-high level.

  • Primary deficit of BRL 15.3 billion in November  

    The consolidated primary deficit over 12 months receded to 1.2% of GDP from 1.3% in the previous month.

  • Seasonally-adjusted unemployment declines to 11.7%  

    Unemployment remains high by historical standards

  • Corporate borrowers drive growth in new non-earmarked loans in November  

    Overall delinquency rose 0.1 p.p. to 3.0% in seasonally-adjusted terms.

  • IPCA-15 climbed 1.05% in December and ends the year at 3.91  

    IPCA-15 rises 1.05% in December due to higher beef prices

  • Current account deficit below expectations in November, with surprise in the services account  

    The main surprise came from the equipment rental account, which is typically volatile. At the margin, the current account deficit is narrower.

  • Quarterly Inflation Report: evidences support new rate cuts  

    The IR reinforces our belief that the monetary authority will see room to reduce the Selic rate again.

  • Copom Minutes: data dependent, with some dissent  

    While the written text indicates a somewhat hawkish tone, we understand that inflation forecasts allow lower interest rates ahead.

  • Monthly GDP expands 0.7% mom/sa in October  

    Widespread growth in October.

  • Copom: Leaving the door open for further cuts  

    The statement does not commit to additional rate cuts, but does not rule them out either.

  • Retail sales sustain upward trend  

    Retail sales advance in October

  • Copom Cockpit: Selic rate moving towards 4.5%  

    We expect the Copom to cut the Selic rate by 50 bps at next week’s meeting, to 4.5% p.a.

  • IPCA climbs 0.51% in November and 3.27% year-over-year  

    We expect the Copom to cut the Selic rate by 50 bps at next week’s meeting, to 4.5% p.a.

  • Industrial production climbs 0.8% in October  

    Manufacturing accelerates at the margin

  • GDP expands 0.6% in 3Q19  

    Data reinforce a gradual pickup in economic activity.

  • Data revision yields higher trade surplus  

    The significant revision in exports shows a still-high trade surplus, albeit lower than in 2018

  • Seasonally-adjusted unemployment remains stable at 12.0%  

    The underemployment rate continues to recede, standing now at 24.1% with seasonal adjustment.

  • Primary surplus of BRL 9.4 billion in October  

    Accumulated over 12 months, the consolidated primary deficit remained at 1.3% of GDP.

  • New loans decline in October  

    The average spread and interest rate declined.

  • Wider-than-expected current account deficit in October  

    Wider-than-expected current account deficit in October. Due to the revision of external sector statistics, the CAD reached 3.0% of GDP.

  • IPCA-15 rises 0.14% in November and 2.67% yoy  

    IPCA-15 increases 0.14% in November. Core inflation measures remain subdued

  • Solid retail sales growth in September  

    Data reinforce positive trend in consumer spending

  • Monthly GDP expands 0.3% mom/sa in September  

    PM-Itaú climbed 0.6% in 3Q19

  • IPCA rises 0.10% in October and reaches 2.54% year-over-year  

    12 month IPCA inflation reaches 2.54% in October

  • Copom minutes: Caution at this stage  

    The document reinforced the expectation of an additional 50-bp cut at December’s meeting, but indicated caution going forward.

  • Industrial production weaker than expectations  

    The item "printing and copies" stood out by falling 28.6% mom/sa.

  • $1.2 billion trade surplus in October  

    October figures reinforce the weakening trade surplus in the second half of 2019

  • Primary deficit of BRL 20.5 billion reais in September  

    2019 primary result should be better than the target

  • Seasonally-adjusted unemployment remains stable at 12.0%  

    Unemployment remains high by historical standards in September

  • Copom: Steady at the helm  

    The Copom delivered the widely expected decision, cutting the Selic rate by 50 bps, and mentioned another 50-bp rate cut ahead, in December.

  • New loans rise again in September  

    Overall delinquency was stable at 3.0% in seasonally-adjusted terms.

  • Copom Cockpit: the easing cycle continues  

    We believe the Copom will cut the Selic rate to 5.0% at its next week's meeting

  • Narrower-than-expected current account deficit in September  

    Narrower Current Account Deficit in September due to smaller Income Deficit

  • IPCA-15 rises 0.09% in October and 2.72% yoy  

    IPCA-15 rises 0.09% in October. Core measures remain on a benign path

  • Monthly GDP expands in August  

    A second gain in monthly GDP in 3Q19

  • Retail sales weaker than expectations in August  

    Retail sales remain on an upward trend

  • IPCA falls -0.04% in September reaching 2.89% year-over-year  

    IPCA falls -0.04% in September with core inflation measures lower than expected

  • $2.3 billion trade surplus in September  

    The seasonally-adjusted annualized quarterly moving average slid to $31.1 billion from $34.7 billion in August.

  • Positive surprise in industrial production concentrated in mining/extractive  

    Recovery in mining/extraction, while manufacturing remains slow.

  • Primary deficit of BRL 13.4 billion reais in August  

    Fiscal challenges remain.

  • Seasonally-adjusted unemployment rises to 12.0%  

    The underemployment rate reached 24.3%, matching the August 2018 reading.

  • Quarterly Inflation Report: forecasts consistent with a new rate cut and maintenance next year  

    The document indicates that the Selic rate may remain at a new low of 5.0% for a lengthy period, rising only from 2021 onward.

  • New loans rise again in August  

    The deliquency rate increased slightly to 3.1%, seasonally adjusted.

  • Copom minutes: Risks limit Selic rate below the 5% level, for now  

    The minutes reinforced the likelihood of a 50-bp cut in October, but limited the indication of even lower interest rates, for now.

  • IPCA-15 rises 0.09% in September and year-over-year change remains at 3.22%  

    IPCA-15 rises 0.09% in September. Core measures remain on a benign path

  • Remittance of dividends and profits pressure current account deficit in August  

    The current account posted a $4.3 billion deficit in August, which was wider than our forecast (-$3.9 bn) and market estimates (-$4.1 bn).

  • Copom: Selic rate moving towards 5%  

    The statement indicates that another 50-bp “adjustment” of the base rate is likely in the October meeting.

  • Monthly GDP advances in July  

    Monthly GDP goes up in early 3Q19

  • Copom Cockpit: Another 50-bp cut on the way  

    We believe the backdrop for our scenario of a continued easing cycle has not changed significantly since the last policy decision.

  • Retail sales beat expectations in July  

    Result reinforces moderate expansion trend in consumer spending

  • IPCA rises 0.11% MoM in August and 3.43% YoY  

    The IPCA rises 0.11% in August, as expected

  • Industrial production declines in July  

    The data continue to suggest a slow pace of recovery in economic activity.

  • Trade surplus weakens in 3Q19  

    Trade surplus weakens due to the slowdown in global activity

  • Primary deficit of BRL 2.8 billion in July  

    Fiscal challenges remain

  • Seasonally-adjusted unemployment recedes to 11.8%  

    Unemployment remains high by historical standards

  • S&P downgrades Argentina to Selective Default  

    The administration is sending legislation to Congress to engage in a re-profiling of the remaining debt

  • GDP expands 0.4% in 2Q19  

    Construction sector performance was a positive highlight, increasing 1.9%.

  • Evening Edition – Stronger-than-expected GDP in Brazil  

    Our GDP growth forecasts are 0.8% in 2019 and 1.7% in 2020

  • New loans increase in July  

    Overall delinquency went up slightly by 0.1 p.p. to 3.1%.

  • Wider-than-expected current account deficit in July  

    Profit and dividend remittances and a weaker trade balance lead to a wider current account deficit in July.

  • IPCA-15 rises 0.08% MoM in August and 3.22% YoY  

    IPCA-15 rises 0.08% in August. Core measures remain on a benign path

  • Monthly GDP declines in June, but expands 0.5% in 2Q19  

    Result reinforces perception of weak economic activity

  • IPCA recedes to 3.22% in July  

    IPCA recedes to 3.22% in July. Core measures at comfortable levels

  • Retail sales disappoint market estimates in June  

    Consumption remains in a moderate recovery trend.

  • Copom minutes: Still pointing to a 50-bp cut in September  

    The minutes indicate another 50bps cut in September and we expect a Selic rate to reach 5.0% by the end of 2019

  • Stronger imports yield weaker trade surplus in July  

    Stronger imports yield weaker-than-expected trade surplus in July

  • Industrial production declines in June  

    Weakness in investment-related components

  • Unemployment rate stable at 11.9% seasonally-adjusted in June  

    Unemployment remains high by historical standards

  • Copom: 50-bp cut, signaling another 50-bp adjustment ahead  

    The Copom reduced the interest rate by 0.50 pp and signaled an additional adjustment of the same magnitude at the next meeting.

  • Primary deficit of 12.7 billion reais in June  

    Reforms are essential to fiscal rebalancing

  • New non-earmarked loans rise again in June  

    New earmarked loans retreated 0.4%.

  • Copom Cockpit: 50bp-cut on the way  

    We expect the Copom to start a new easing cycle with a 50bps cut on July 31st

  • Wider-than-expected current account deficit in June  

    Larger-than-anticipated profit and dividend remittances were behind pressured the primary income balance in June

  • IPCA-15 moves 0.09% in July and year-over-year change recedes to 3.27%  

    IPCA- 15 July rises 0.09%, below expectations. Core measures on a benign trajectory.

  • Monthly GDP expands in May  

    Result is consistent with weak growth in 2Q19

  • Retail sales suggest moderate consumption growth in 2Q19  

    Broad retail sales (which include vehicles and construction material) advanced 0.2% mom/sa in May.

  • IPCA year-over-year change slides to 3.37%  

    IPCA is virtually unchanged in June. Food, electricity and auto fuels posted a deflation during the month.

  • Industrial production declines in May  

    Only 8 out of 26 activities show monthly gains

  • Exports and imports fall at the margin  

    In sum, June figures showed a lower trade balance at the margin, although the year-to-date reading remains high.

  • Primary deficit of 13 billion reais in May  

    The public sector’s net debt widened to 54.7% of GDP.

  • Unemployment rate declines in May  

    Notwithstanding the latest decline, unemployment remains high by historical standards.

  • Quarterly Inflation Report: forecasts indicate new easing cycle in 2019  

    Central bank´s forecasts indicate new easing cycle in 2019.

  • New loans advance in May  

    Overall delinquency remained virtually unchanged at 2.9%, seasonally adjusted

  • COPOM Minutes: easing ahead, probably  

    The minutes reinforce our call that the Copom will resume easing in July, conditional on concrete progress in the reform front.

  • IPCA-15 rises 0.06% in June and year-over-year change recedes to 3.84%  

    Deflation in food prices took the spotlight, with price drops for food consumed at home (-0.82%) and away from home (-0.33%).

  • Current account posts $664 million surplus in May  

    Over 12 months, the current account deficit remains at a historically low level: 0.7% of GDP.

  • Copom: ready to resume easing, conditional on reform  

    The statement opens the way for a resumption of monetary easing, provided there is “concrete progress” in the reform agenda.

  • Copom Cockpit: Stable Selic rate in June  

    Conditional on the pension reform approval, we now expect a decline in the Selic benchmark interest rate to 5.0% in 2019 and 2020.

  • Monthly GDP expands in April  

    For May, we expect, for the time being, PM-Itaú to remain stable.

  • Retail sales weaker than expectations in April  

    Retail sales quarterly growth is slowing down.

  • IPCA rises 0.13% in May and year-over-year change reaches 4.66%  

    IPCA rises 0.13% in May reinforcing a benign inflation scenario

  • Industrial production grows in April, despite decline in mining output  

    Manufacturing is on a moderate recovery trend year-to-date.

  • $6.4 billion trade surplus in May  

    Stronger exports and imports in May. Trade surplus reaches $ 6.4 billion.

  • Still-high unemployment rate  

    Seasonally-adjusted unemployment declined 0.1 p.p. to 11.9%.

  • Primary surplus of 6.6 billion reais in April  

    April’s result is a seasonally surplus

  • GDP shrinks 0.2% in 1Q19  

    For 2Q19, our preliminary forecast is a modest GDP growth of 0.1% qoq/sa

  • Non-earmarked loans decline in April, dragged by corporate credit  

    Seasonally-adjusted delinquency slid 0.1 p.p. to 2.9%.

  • Current account posts $62 million deficit in April  

    Seasonally-adjusted delinquency slid 0.1 p.p. to 2.9%.

  • Current account posts $62 million deficit in April  

    Current account posts $62 million deficit in April and disappoints market expectations

  • IPCA-15 climbs 0.35% in May and year-over-year change peaks at 4.93%  

    IPCA-15 climbs 0.35% in May. Deflation in prices for food consumed at home stood out, while auto fuels put pressured the index

  • COPOM Minutes: Selic rate still at comfortable level  

    The minutes suggest the Copom is still comfortable with the level of the Selic rate, but we expect the BCB to cut rates again in September.

  • Monthly GDP declines in March  

    The result reinforces our call for a contraction of GDP in 1Q19.

  • IPCA climbs 0.57% in April and year-over-year change peaks at 4.94%  

    Headline inflation accelerated on an annual basis pressured by food and fuels; but should begin a downward path from now on

  • Retail sales expand in March  

    Report reinforces scenario of a slight increase in consumer spending in 1Q19

  • Copom: acknowledging a weaker economy, but no imminent reaction  

    The post-meeting statement suggests that the authorities are less sanguine on the state of economic recovery

  • Copom Cockpit: Stable Selic rate in May  

    The Selic rate will likely be kept at 6.5% p.a. in May´s Copom meeting

  • Broad-based decline in industrial production  

    Result reinforces weakening trend in the industrial sector

  • $6.1 billion trade surplus in April  

    Trade surplus remains at historically-high figures

  • Primary deficit of R$ 18.6 billion in March  

    Fiscal challenges remain significant

  • Unemployment recedes in March  

    Employment advanced in the quarter

  • New non-earmarked loans continue to expand in March  

    Seasonally-adjusted delinquency remained virtually flat at 3.0%.

  • IPCA-15 climbs 0.72% in April, while core measures continue to show a benign trajectory  

    IPCA-15 climbs 0.72% in April, while core measures continue to show a benign trajectory

  • $494 million current account deficit in March  

    Current account deficit at historically low levels

  • Monthly GDP stable in February  

    Domestic demand components receded during the month

  • IPCA climbed 0.75% in March and 1.51% in 1Q19  

    The consumer price index IPCA climbed 0.75% in March, food consumed at home is behind the surprise.

  • Retail sales remained stable in February  

    Result reinforces assessment of weakness in 1Q19

  • Weak industrial production, driven by sharp drop in the extractive sector  

    For March’s industrial production, we now forecast a 0.1% mom/sa decrease, leading the year-over-year rate to -3.9%.

  • $5.0 billion trade surplus in March  

    Exports weakened at the margin

  • Primary deficit of 14.9 billion reais in February  

    The general government’s gross debt increased marginally to 77.4% of GDP in February.

  • Still-high unemployment rate  

    Brazil’s nation-wide unemployment rate reached 12.4% in the quarter ended in February.

  • Inflation Report: Forecasts still point to stable Selic rate in 2019  

    The IR shows forecasts that are consistent with stability of the Selic rate at the current level, in line with our scenario.

  • New loans increase in February  

    Overall seasonally-adjusted delinquency remained virtually stable at 2.9%.

  • Copom Minutes: Waiting for clarity  

    For the time being, given all the uncertainty surrounding the central scenario, we expect the Selic to remain unchanged in coming meetings.

  • IPCA-15 climbs 0.54% in March, driven by food prices  

    We expect a 0.59% increase in March's IPCA - food is likely to keep pressuring

  • Current account deficit reaches $1.1 billion in February  

    Stable current account deficit at the margin in February

  • Copom: symmetric risks, no rush to act  

    The Copom decided to keep the Selic rate unchanged at 6.5% pa, as widely expected, and now sees the balance of risks as symmetric.

  • Copom Cockpit: Central bank under new leadership, but Selic rate is set to remain stable  

    Copom should keep the Selic rate stable at 6.5% pa and be cautious about the balance of risks to inflation

  • Monthly GDP is stable in January  

    Mixed data

  • Retail sales climb 0.4% in January  

    Normalization after Black Friday effects

  • Industrial production slides 0.8% in January  

    The result reinforces the perception of weak economic growth in early 2019

  • IPCA climbed 0.43% in February, close to our estimate  

    Our preliminary forecast for the headline IPCA in March is a 0.51% increase

  • Seasonal primary surplus in January  

    January result has favorable seasonality

  • $3.7 billion trade surplus in February  

    The trade surplus reached a $ 3.7 surplus in February and the trade surplus remains at a high level.

  • GDP expands 0.1% in 4Q18 and 1.1% in 2018  

    The reading reinforces the perception of weak growth in late 2018.

  • Higher-than-expected unemployment in January  

    Unemployment drops only 0.1 p.p. over 12 months amid weak economic growth

  • New loans decline in January  

    Overall delinquency remained stable at 2.9%

  • $6.5 billion current account deficit in January  

    Smaller trade surplus drives current account deficit to $6.5 billion in January

  • IPCA-15 climbs 0.34% in February, close to the median of market expectations  

    Our preliminary forecast for the headline IPCA in February is a 0.38% increase

  • Monthly GDP retreats in December  

    Losses in 9 out of 13 monthly GDP components

  • Retail sales recede in December, driven by payback of Black Friday effects and decline in vehicle sa  

    Result below expectations

  • COPOM Minutes: economic activity still consistent with base case  

    The minutes reinforce the case for stable Selic rate at the 6.5% in coming meetings, barring any significant shocks.

  • IPCA rises 0.32% in January, printing below estimates  

    Our preliminary estimate for the IPCA in February is a 0.28% increase

  • Copom: a last (hawkish) salvo  

    The Copom decision came in as expected, but the message was more hawkish than we had anticipated.

  • Industrial production climbs 0.2% in December and 1.1% in 2018  

    The data breakdown indicates that the underlying growth is worse than the headline.

  • Trade surplus of $2.2 billion in January  

    January figures point to a slight moderation in the trade balance, but the trade surplus remains at a historically high level

  • Unemployment increases in 4Q18  

    The result suggests that the output gap opened again during that quarter

  • Copom Cockpit: conditional stability  

    We believe that the Copom will keep the Selic rate stable at 6.5% p.a. at the February meeting.

  • Primary deficit of 108 billion reais (1.6% of GDP) in 2018  

    Fiscal challenges remain

  • New non-earmarked loans climb again in December  

    Overall seasonally-adjusted delinquency was virtually flat at 3.0%

  • Current account deficit of 0.8% of GDP in 2018  

    Smaller trade surplus drove current account deficit to 0.8% of GDP in 2018

  • IPCA-15 climbs 0.30% in January, somewhat below expectations  

    Our preliminary forecast for the headline IPCA in January is a 0.40% increase

  • Monthly GDP expands in November  

    Household spending climbed while investment fell in November

  • Retail sales beat expectations in November, driven by Black Friday  

    We forecast sales to decline in December, as the temporary boost from Black Friday fades

  • IPCA ends 2018 with a 3.75% increase  

    For January, our preliminary estimate for the IPCA is a 0.42% increase

  • Disappointing industrial production in November  

    Our preliminary estimate for December is a hike of 1.2% at the margin

  • $58 billion trade surplus in 2018  

    The trade balance posted a strong surplus for a fourth consecutive year.

  • Primary deficit of 15.6 billion reais in November  

    2018 Primary result should be much better than the target

  • Stable unemployment in November  

    Real wage bill expanded due to slightly higher employment

  • Households lead increase in new non-earmarked loans in November  

    Overall seasonally-adjusted delinquency was virtually flat at 3.0%.

  • IPCA-15 posts 0.16% deflation in December and ends 2018 with a 3.86% increase  

    Our preliminary forecast for the headline IPCA in December is a 0.18% increase, ending the year at 3.78%

  • Lower-than-expected income deficit leads to narrower current account deficit in November  

    Current account deficit remains at a historically-low level

  • Inflation Report: Forecasts point to stable Selic rate in 2019  

    Central Bank's forecasts are consistent with stable Selic rate at the current level of 6.5% pa throughout 2019

  • COPOM Minutes: Comfortable with Selic rate at 6.5% p.a.  

    The minutes reinforce the outlook that the Selic rate will hibernate at the current level for quite some time, barring significant shocks

  • Monthly GDP expands in October  

    Investment and consumption remained stable during the month

  • Retail sales slide again in October  

    For the time being, we forecast stagnation in core and broad retail sales in November, in seasonally-adjusted terms

  • Copom: low for long reinforced  

    The statement brought important changes, all on the benign side for prospective inflation

  • Copom Cockpit: Stable Selic rate in December  

    Brazil´s Monetary Policy Committee (Copom) meets again next week and we expect it will maintain the Selic rate stable at 6.5% p.a.


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