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After Lula’s criticism of central bank independence, future interest rates skyrocket

Futures interest rates started high this Thursday, Jan. 19, after criticism from president Luiz Inácio Lula da Silva (PT, progressive-globalist) to the independence of the Central Bank (BC) and the current inflation target, defined by the National Monetary Council (CMN).

In an interview with GloboNews, Lula questioned the purpose of an independent Central Bank "if inflation and interest rates are the way they are" and also declared that the inflation target for this year (3.25%, possibly reaching 4.75%) is exaggerated and forces a "squeeze" on the economy with interest rate increases.

In 2022, inflation closed at . . .

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