Brazil’s Central Bank has initiated a tightening cycle that aims to bring inflation down to 4.5 per cent, the midpoint of its inflation-targeting band, by the second half of 2009. Whether the Bank will receive the necessary political support to achieve this goal is questionable. The risk that inevitable interest rate hikes will undermine the strong expansion of credit that has helped sustain economic growth in recent quarters is also present.
The Brazilian economy’s impressive...
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