Brazil's Central Bank faces mounting pressure to adjust the Selic rate upwards, as economists point to insufficient current rate projections to meet the inflation target.
Recent forecasts suggest a 9% rate by year-end and 8.5% by next year may not steer inflation back to the 3% goal.
Following the Quarterly Inflation Report, which predicted a closing year inflation at 3.5%, it's clear the Focus survey's Selic rate trajectory won't achieve the inflation target.
Alexandre Schwartsman, former Central Bank director, noted. . .
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