The Selic rate, currently at 10.75%, continues to fall. Another cut of 0.5 percentage points is expected for the May meeting, but the president of the Central Bank (BC), Roberto Campos Neto, reinforced that the lack of economic visibility leaves the magnitude of the Selic decrease at the Copom meeting uncertain. (Monetary Policy Committee) which will be held in June.
It was this uncertainty that made the BC withdraw the “forward guidance” for the June decision. In his opinion, this is a resource that has a good benefit when there is conviction that a scenario will consolidate. When this changes, there is a risk of greater volatility, he added.
“That’s why we removed the ‘forward guidance‘, because we don’t have such clear visibility. When we don’t have such clear visibility, we understand that we are a little dependent on what will happen by then (June)”, he stated, during the Quarterly Inflation Report press conference.
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Campos Neto denies split in Copom
Among the points of uncertainty are the impact of the increase in real income on services inflation, since the rise in food prices is seen as localized.
Campos Neto also denied that there was a split between the Copom members, reinforcing that all the latest decisions were unanimous. The possibility arose because the minutes, released last Tuesday, reported that “some” of the directors assessed a reduction in the pace of cuts in case of persistent uncertainties.
According to him, it is natural that some members bring different topics to the meeting and that the BC wants to provide greater transparency about what is discussed.
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“We understood that there was greater uncertainty about some topics. Here it is important to emphasize that the Copom is not divided,” she said.
