Brazil | COPOM: the plan is still to leave interest rates unchanged

The minutes of last week's monetary policy meeting confirmed that the Monetary Policy Committee (COPOM) is now focused on making the inflation converge to the 4.5% target in 2017 rather than in 2016. This change of focus takes some pressure out of monetary policy. However, the fiscal situation is a bigger source of concern, which requires the COPOM to remain "vigilant".

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