Introduction
Madam President of the Senate’s Finance Commission, senators members of this Commission, ladies, gentlemen,
As I usually do, I would like to begin by thanking the Commission for periodically inviting the Central Bank to present its views on recent macroeconomic developments, as well as the outlook and implications for monetary policy. This is the view that is presented in detail in the June 2025 Monetary Policy Report (MPR), which was published this morning.
Today’s IPoM is set against a global backdrop that has become considerably more uncertain. The wide-ranging increase in tariffs announced by the United States in early April has had significant repercussions on the external scenario.
Although the impact of these events on global activity remains to be seen, there is a consensus that it will be negative and will affect the American economy the hardest.
