The financial market raised its projection for the interest rate at the end of 2022, after the Central Bank adopted a tougher language when deciding last week to raise the Selic rate again, while inflation expectations improved or stopped worsening afterwards. of a long series of highs.
According to the Central Bank’s Focus survey — a weekly survey by the Bacen with analysts of financial institutions — released this Monday (13), the forecast for the basic interest rate of the economy in 2022 rose to 11.5%, from 11, 25% of the document from the previous week.
On Wednesday (8), the BC raised the Selic rate by 1.50 percentage points, to 9.25% per year, indicated a new high of the same magnitude for February and highlighted in a statement the importance of advancing the tightening cycle ” significantly” in contractionary territory to consolidate the disinflation process and anchor expectations around targets.
The more assertive tone surprised a good part of the market, which came from worse economic activity data. Two days later, IBGE released a lower-than-expected November IPCA with better composition.
The inflation measures projected by analysts for Focus, by the way, have improved.
The expected number for 2021 dropped from 10.18% to 10.05% — the first drop after 35 consecutive weeks of growth. The measure for 2022 remained at 5.02%, not rising after 20 straight weeks on the rise.
The 12-month forecast dropped from 5.36% to 5.21%, while the rate for 2023 dropped from 3.50% to 3.46%. The expected IPCA for 2024 had a slight drop, from 3.10% to 3.09%.
All annual projections from 2021 to 2024, however, remain above the targets for the respective years –3.75%, ​3.50%, 3.25% and 3.00%.
In a scenario of still pressured inflation and higher interest rates, the economy suffers. The forecast for GDP growth in 2021 fell for the ninth week in a row, dropping from 4.71% to 4.65%.
The expected rate for 2022 was lower for the tenth week in a row, albeit only slightly — it dropped from 0.51% to 0.50%
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