The minutes to the Brazilian central bank’s monetary policy meeting last week have added fuel to the debate about whether the tightening cycle is now over. But perhaps the bigger point is that, when Copom turns to easing, we think the Selic rate will come down a bit more quickly than most anticipate. Otherwise, attention in the region has focused on the China-CELAC Forum this week and China’s efforts to strengthen ties with Latin America. These overtures are likely to face pushback from the US which increasingly views China’s presence in the Western hemisphere as a strategic threat.
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