Brazil's central bank needs to be more cautious due to strong economy, director says
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BRASILIA, Aug 26 (Reuters) -The director of monetary policy at Brazil's central bank said on Monday that policymakers need to be more cautious in light of data that may be providing signs of an economy growing with more strength and resilience.
Speaking at an event in Piaui state, Gabriel Galipolo said the scenario contrasts with what is currently seen in the U.S. economy, and reinforces the Brazilian central bank's "more conservative" and "data-dependent" stance.
He emphasized that the central bank will approach its next policy meeting in September with "all options on the table."
Galipolo cited strong income growth, low unemployment, high industrial capacity utilization and upward revisions of gross domestic product (GDP) forecasts to highlight that Latin America's largest economy has been showing significant dynamism.
According to the director, who is seen as the frontrunner to succeed Governor Roberto Campos Neto when his term ends in December, the central bank must monitor whether demand is growing in a disorderly manner that could lead to inflation.
Regarding the United States, Galipolo said that market prices have solidified the idea of a "soft landing" after significant fluctuations in that outlook.
He emphasized that U.S. Federal Reserve Chair Jerome Powell, when signaling the imminent start of an easing cycle, noted that the success in the disinflation process was supported by inflation expectations that remained anchored.
"Coming to Brazil, this does not seem to be the scenario we are witnessing," he said, noting that this is another aspect of the desynchronization, as local inflation expectations remain unanchored despite more restrictive interest rate projections.
Policymakers held interest rates at 10.50% for the second consecutive time in July, against annual inflation that reached 4.5% in July compared to a 3% official target.
Their next policy meeting is scheduled for Sept. 17-18.
Reporting by Marcela Ayres; Editing by Gabriel Araujo, Kirsten Donovan
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