Balance of risks is not a guidance tool for monetary policy, Brazil central bank director says
Adds further comments, context, paragraphs 3-8
Aug 22 (Reuters) -The balance of risks of Brazil's central bank should not be seen as a guidance tool for monetary policy, the bank's director of economic policy, Diogo Guillen, said on Thursday.
In the minutes of its latest interest rate-setting meeting, where borrowing costs were held steady at 10.50%, the central bank had said earlier this month that its board now sees more upside than downside risks to inflation, though there was no consensus on whether the balance was "asymmetric".
Speaking at an event in Rio de Janeiro on Thursday, Guillen said there had been "an overemphasis on the balance of risks as a guidance tool," adding that "it should not be interpreted that way."
Guillen said the balance of risks reflects how the rate-setting committee think about the variables affecting inflation dynamics.
"Obviously, when you start thinking about inflation dynamics, it leads to a certain approach to interest rates. But I don't think it's clear guidance," he added, reiterating once again that the central bank decided not to give guidance as it is data-dependent.
Brazilian central bank monetary policy director Gabriel Galipolo, widely seen as the likely successor to Governor Roberto Campos Neto, whose term ends in December, has stressed earlier this month that he was among those who viewed the balance of risks as asymmetric.
As this language is often seen as laying the groundwork for rate hikes, his comments fueled more hawkish bets on a monetary tightening cycle starting as early as the upcoming September 17-18 meeting.
Campos Neto has refrained from disclosing which group he belonged to in the assessment of the balance of risks. He recently emphasized that since the minutes came out there has been no change in the central bank's message that there is no indication for future steps, in comments that tempered more hawkish bets that had been driving interest rate futures.
Reporting by Bernardo Caram; Writing by Marcela Ayres; Editing by Gabriel Araujo, William Maclean
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
