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At the last meeting of the year, the Central Bank's Monetary Policy Committee raised the basic interest rate by 1 pp to 12.25% per year in a unanimous decision. The statement accompanying the decision shows Copom's intention to make two more increases of the same magnitude in the next meetings. Follow the analysis by Genial Investimentos' chief economist, José Márcio Camargo, and macro strategist, Roberto Motta. The conversation is with journalist Denise Barbosa. STRAIGHT TO THE POINT 00:00 Introduction 01:00 Increase in the SELIC rate to 12.25% per year 02:28 Analysis by economist José Márcio Camargo 04:02 Discussion on the Central Bank's strategy 07:28 Impact of the fiscal package on inflation expectations 10:04 Recognition of the more adverse economic scenario 13:05 Market anticipation of the increase in interest rates 17:22 Discussion on fiscal policy and public debt 20:38 Effects of the increase in the SELIC rate on long-term rates 22:00 Transition in command of the Central Bank 25:18 Fiscal dominance and risks 31:05 Market reaction to President Lula's health 37:25 Impact of possible candidacies for the 2026 elections 42:05 Interest rate increase and market expectations 54:27 Final reflections on fiscal policy and its consequences 🔵 START INVESTING NOW, OPEN YOUR FREE ACCOUNT AT GENIAL! ➜ Access: https://genial.vc/abrasuaconta-yt 📲 DOWNLOAD OUR APP! ➜ Access: https://genial.vc/baixe-o-app-genial-yt 💻 STAY TUNED TO OUR BLOG, NEWSLETTER, ANALYSES AND SOCIAL MEDIA! ➜ Access: https://linktr.ee/youtubegenial