Brazil’s central bank has a “pretty high bar” to clear to accelerate the pace of its first easing cycle in three years, chief Roberto Campos Neto said Thursday.
Policymakers led by Campos Neto cut the country’s benchmark interest rate to 13.25% in early August, from a previous six-year high of 13.75%. They signaled that they would proceed at the same speed in future meetings as Brazil’s inflation outlook continues to improve, and for now are united behind that strategy.
The bank’s directors were split on how big the initial cut should be, with Campos Neto providing the deciding vote in favor of the larger-than-expected 50-basis point reduction.The difference resulted from “prior divisions over whether to leave the door open to begin rate cuts,” Campos Neto said Thursday. But members of both voting blocs made it clear this week that they are on the same page about the path forward.
“The conditions are pretty hard to reach,” she said. “There would need to be very large surprises to reassess.”
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