Brazil's central bank is not looking to change inflation targets, Governor Roberto Campos Neto said on Monday, resisting calls from President Luiz Inacio Lula da Silva to raise targets.
The leftist president has argued that Brazil has the highest real interest rate in the world, calling it unjustifiable in the face ofLula's rhetoric has fed speculation of a potential increase to official targets at Thursday's meeting of the National Monetary Council , Brazil's top economic policy body.
Lula's comments have led to a deterioration of inflation expectations and a steepening of Brazil's yield curve, prompting policymakers to emphasize that the deviation of inflation from targets prevents them from starting to cut interest rates. After weeks of attacks from Lula and his allies, Campos Neto struck a conciliatory tone in the interview, suggesting fiscal measures proposed by Finance Minister Fernando Haddad could shorten the horizon for the central bank to start cutting rates.
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