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Extent of Brazil Easing Cycle Is Limited, Central Bank Says

Brazil’s inflation projections allow for gradual and moderate interest rate cuts but indicate a limit to the extent of the easing cycle, the country’s central bank said on Tuesday.

Fiscal adjustments have made more progress than expected in Congress but continue to represent a risk, according to the minutes of the central bank published on its website.

The bank’s board said that inflation projections in 2017 and 2018 allow for a “gradual and moderate” easing of monetary policy. Policy makers led by president Ilan Goldfajn also wrote in the minutes to their Oct. 18-19 meeting that “projections in the market scenario suggest limits to the magnitude of the flexibilization in the same horizon.”

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