Overview

• Gabriel Galípolo said it is legitimate for economists, market participants and authorities to voice views on interest policy, lauding Fernando Haddad and Rogério Ceron for their delicate criticism.
• He reiterated concern over persistently desanchored inflation expectations and said Focus survey projections feed directly into the bank’s modeling.
• The Copom has kept the Selic at 15% per year, the highest in nearly two decades, and continues to signal a restrictive stance for a prolonged period.
• Galípolo noted that some economists favor holding rates higher for longer or even raising the Selic, underscoring the split over the appropriate path.
• He added that the central bank sets no exchange‑rate target and calibrates tools such as swaps based on market functioning, with final decisions resting with an autonomous Copom.