June 11, 2015 1:08 PM Subject: Faria: Brazil Daily Update COPOM minutes maintain hawkish tone, signaling further tightening: The BCB published the COPOM minutes explaining last week's decision to raise the SELIC rate by 50bps to 13.75%. There were very few changes in the document, suggesting that the

razil Daily Update Sent From Bloomberg Mobile MSG ---- Original Message ---- From: JOSE CARLOS FARIA, DEUTSCHE BANK S.A. B At: 3/4/2015 23:34 The COPOM raised the SELIC rate by 50bps to 12.75%, as expected The decision was unanimous and was in line with market expectations, as, despite the gloomy ec

iginal Message From: Isin Sumengen-Ziel (DEUTSCHE BANK AG, LO) [mailto: Sent: Thursday, June 11, 2015 1:08 PM Subject: Faria: Brazil Daily update COPOM minutes maintain hawkish tone, signaling further tightening: The BCB published the COPOM minutes explaining last week's decision to raise the SELIC

he policy rate by 25bps next week. While October inflation is likely to decline in Poland and Russia, it should accelerate in Turkey. In LatAm, the COPOM minutes on Tuesday should reinforce a final 50bp cut next while leaving the door open for more. Watch for some deceleration in Mexico's Q3 GDP as pr

. As we expected, the Inflation Report indicated clearly that the tightening cycle is not over yet. On page 75, the authorities wrote that "for the COPOM. the progress obtained in the fight against inflation — as exemplified by the benign signals coming from the medium- and long-term expectations — ar