JUSTIÇA DE SÃO PAULO DETERMINA QUE O MUNICIPIO AUTORIZE A EXPEDIÇÃO DE NOTAS FISCAIS ELETRÔNICAS.
9 de fevereiro de 2024
Por que Rússia deve crescer mais do que todos os países desenvolvidos, apesar de guerra e sanções, segundo o FMI
18 de abril de 2024Brazil’s central bank said the outlook for inflation has worsened as domestic demand remains robust, exhausting idle capacity. Interest rate futures jumped.
Policy makers forecast, in both their market and reference scenarios, that 2010 inflation will remain “markedly” above its 4.5 percent target, according the minutes of their June 8-9 meeting posted today on the central bank’s website.
The withdrawal of fiscal and monetary stimulus in recent months and the European debt crisis have yet to help policy makers’ efforts to bring inflation back to target, Roberto Padovani, chief economist at Banco WestLB do Brasil, said. The minutes signal that the central bank will continue to raise interest rates, as in the past two meetings, by 75 basis points in July, Padovani said.
“The bottom line is the central bank still has work to do,” Marcelo Carvalho, Morgan Stanley’s chief economist in Sao Paulo, said in a phone interview. “On the domestic drivers, they sound hawkish, in the sense of pointing out that there is little slack left in the economy, and that inflation trends are more than just seasonal, one-off effects”
The yield on interest-rate futures contract due in January, the most traded on Sao Paulo’s BM&F exchange, jumped to the highest since February 2009 after the minutes were published, before paring gains. At 9:27 a.m. New York time, the yield was up six basis points to 11.26 percent.
‘Risks’
At the bank’s meeting last week, the eight-member policy committee decided unanimously to raise the benchmark rate to 10.25 percent from 9.50 percent in an effort to bring inflation back to target. It was the bank’s second consecutive 0.75 percentage-point increase, after policy makers kept the overnight rate at a record low 8.75 percent for nine months.
“The risks for the consolidation of a benign inflationary outlook are essentially circumvented by the domestic situation, and are derived, for example, from the expansion of domestic demand in a context of virtual exhaustion of idle capacity,” the bank said, according to the minutes.
The bank said the crisis in Europe is “an important part of the context’’ that will be evaluated when making future rate decisions.
The government is scaling back measures implemented during the global credit crunch as it seeks to slow the pace of economic expansion, which quickened to the fastest pace in 15 years in the first quarter, when gross domestic product grew 9 percent from the same period a year earlier.
Economists forecast that policy makers will raise the Selic rate by an additional 0.75 percentage point in July and will push it to 12 percent by the end of January 2011, a central bank survey of about 100 analysts published this week shows. The economy will expand 6.99 percent in 2010, the fastest pace in more than two decades, the same survey shows.
The real gained 0.3 percent to 1.7812 per U.S. dollar at 9:42 a.m. New York time from 1.7873 yesterday.