This work builds semantic scores using the Google and the Factiva Dow Jones database, based on Lucca and Trebbi s (2011) methodology, in order to quantify the content of the COPOM s statements released by the Central Bank of Brazil shortly after the interest rate s decision and attributing to it a semantic orientation, hawkish or dovish . Using daily and intraday data of swap contracts and DI1 futures contracts, respectively, we find that the content of the BCB s statement affects the yield curve only in the period prior to Tombini s tenure. In addition, we find that the yields respond one-to-one to the interest rate surprise, sometimes more, in the pre-Tombini period even for long term maturities, which we do not see in the period prior to Tombini, where the interest rate surprises affect only the short-to-medium rates. Furthermore, we see an intraday dynamic in the yield responses to the content of the statement in the Tombini period, which give evidence to a delay in its interpretation, differently from what we observe in the previous period. We also find that the interest rate surprises induce changes in the yield curve during the whole time that the market is open for both periods analyzed.