HALISTER1: Brazil Fiscal Deficit Impact on CPI May Postpone Rate Cut: CIBC

Brazil Fiscal Deficit Impact on CPI May Postpone Rate Cut: CIBC

(Bloomberg) -- BCB rate cut unlikely before the year-end as loose fiscal policy is keeping inflation from slowing, John Welch, analyst at Canadian Imperial Bank of Commerce, says in a e-mail interview.
  • Non-tradeable prices such as education, healthcare jumped in the August mid-month CPI released earlier today, which is “not a good signal”
  • NOTE: IPCA-15 m/m 0.45% vs est. 0.46% (prior 0.54%)
    • Education 0.90%, healthcare 0.87%, personal expenses 0.85%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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John Welch (Canadian Imperial Bank of Commerce/Canada)

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