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Brazil: Copom sticks to its guns

The statement accompanying the Brazilian central bank’s decision to keep the Selic rate unchanged at 13.75% yesterday will have disappointed some (not least in the government) that thought global market turmoil and economic weakness might prompt a quicker shift to monetary easing. Policymakers remain concerned, first and foremost, about high inflation and expectations, and we doubt that Copom will turn to interest rate cuts until the final quarter of the year.

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