Brazil: Copom still in a (mostly) dovish mood

The tone of the Brazilian central bank’s statement from yesterday’s meeting (at which the Selic rate was kept at 2.00%) was a little less dovish than the previous one. But it still provides plenty of reason to expect the Selic rate to remain unchanged for the next 12-18 months. Most investors and analysts, by contrast, expect monetary tightening to begin in 2021.

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