Is the Brazilian Central Bank Coming to Grips with the Country’s Balance Sheet Recession?‘uate Figure below saws the elton inflaton, roth and el inerer rae aver he art decade, High nflsionandunanchored expectations were pata the Figure Anneal inflation growth and realinterest rater, 2006-16 ‘args of 45 percent Par of he expensn for he api lin prices atthe endafthe ear was eden the unprecedented opin cana acy ice 2015. Iie aera dept the deeper ecsion on record te monetary policy sane leo mathe condtns-aneacre bythe rise in ealaers ateseahich nay hae contbatedto the sharper contraction obierved sting the cond hal aa er ‘Wile the ene bank hod be commended rhe dest ‘tanerpee ite pole thetbalnc het deterioration neni in the anh pir thelatert action on interes Is thereore paul ha Bras woe re ar te more mare eerevelyonmenetry poi the lowing the urgent deleerging proce te happen ata from over hich iar worrisome night of what he ncoming Tramp sdnininration may mean or US monetary plier The pte or expanvonsy Bes