BCB Director Guillen says the fact that interest rates are still at their maximum globally shows that you need confidence to provide inflection in monetary policy; see a deceleration in economic activity, but resilience mostly in the labour market

2023 GDP shows surprise mostly in agriculture.
The economy is decelerating but there's resilience.
Credit performance is within what was expected given the mon pol cycle.
Do not see anything dysfunctional in financial conditions.
The most important thing we have been emphasizing is that there is no mechanical relationship between new fiscal rules and monetary policy.
Negative fiscal risks have fallen, but primary result expectations have not changed much.
2023 inflation expectations have fallen at the margin, but 2024 inflation expectations are above the target.
Any change in the inflation target framework should not be correlated with how to conduct monetary policy.
Change in inflation target timeline would not be optimal.
Like the idea of an open letter to explain missing inflation targets, it is about accountability.