BC's David: Policy is calibration, not easing; smooth moves amid uncertainty

Nilton David, a central bank official, clarified at a J.Safra event that the current policy cycle is 'calibration' or 'fine-tuning,' not monetary easing, signaling a cautious, data-dependent stance. This suggests the BC is unlikely to cut rates aggressively despite market expectations, which could support the currency and keep yields elevated. The statement is a direct communication from a policymaker, though its market impact depends on how it aligns with prior guidance.