Summary hrts:
- decision was unanimous
- baseline scenario and balance of risks indicate it is appropriate for interest rate hike cycle to advance significantly into the restrictive territory
- will persevere with its strategy until consolidating both disinflation and the anchoring of expectations around its targets
- recent doubts about fiscal framework raised the risk of deanchoring inflation expectations
- growth indicators released since the last meeting show an evolution slightly below expectations for brazilian economy
- consumer inflation remains high, price increases were higher than expected, both in the more volatile components and on the items associated with core inflation
- possibility of a winter covid-19 wave and the emergence of the omicron variant add uncertainty about the pace of recovery in advanced economies