Good morning! Today, we discuss the Economy Minister’s latest comments about inflation. The meeting between Jair Bolsonaro and Elon Musk. How state races are shaping up. And an uncomfortable meeting in Brasília.
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Guedes unfazed by inflation
Speaking at an event in São Paulo, Economy Minister Paulo Guedes said Brazil has already left its “inflation hell” and is headed towards a steep recovery from “the bottom of the barrel.” His words came as his department revised year-end inflation projections up (and by a lot), from 6.55 to 7.9 percent.
In his words. “They are lacking butter in the Netherlands, there are people fighting in gas station lines in countryside England — where inflation is at a 40-year high and will soon hit the double digits. They’re on their way toward hell. We’ve left hell, we know the way out.”
Why it matters. Sparking investors’ trust in the Brazilian economy is part of Mr. Guedes’ job description, but his words often seem oblivious to the current scenario of the country.
- Inflation is...