Brazil's central bank is evaluating the recent decline of the real, questioning whether the foreign exchange market is functioning normally. Director Gabriel Galipolo indicated that intervention by the monetary authority would only occur if a dysfunctionality in the exchange rate is confirmed.
Brazil's Central Bank believes investor concerns over the country's fiscal outlook are overstated, as the finance ministry and monetary authority anticipate a plan to cut public spending will restore confidence in fiscal rules. This strategy aims to reduce pressure for more aggressive interest rate hikes.
Brazilian central bank director Paulo Picchetti expressed significant concern over inflation estimates that remain well above the target. Despite a deceleration in inflation, it has stabilized above the central bank's goal of 3%, plus or minus 1.5 percentage points, with core measures also rising. Policymakers are committed to taking necessary actions to align cost-of-living increases with their target.
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