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BCB's Galipolo says that given the level of restriction imposed by monetary policy, it was expected that we would see a more acute effect on the economy

The comments from BCB's Galipolo point to a cautious outlook on monetary policy, emphasizing that current restrictions are expected to have a notable impact on the economy amidst a complex economic slowdown influenced by supply shocks, particularly in energy.

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BCB's Galipolo says that given the level of restriction imposed by monetary policy, it was expected that we would see a more acute effect on the economy

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  • Says we need to look at the composition of the economic slowdown and observe the impacts of the current supply shock
  • Says BCB has a governance structure in place to contain more extreme positions
  • BCB will always act cautiously
  • BCB will cushion accumulated through more conservative positions, which meant that new developments did not alter the overall context for the easing cycle to begin.
  • Assessing oil price spike impact.
  • Assessing economic slowdown composition.
  • BCB has a relatively well-behaved effect on the economy, considering the level of policy restrictions it has.
Context

This suggests that while the BCB remains vigilant, it views the situation as manageable enough not to alter the easing cycle, which could mean more conservative financial conditions continuing despite oil price fluctuations.

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