For the fourth time in as many meetings, the Brazilian Central Bank’s Monetary Policy Committee on Wednesday unanimously decided to cut the country’s benchmark interest rate by half a percentage point. The Selic rate now stands at 11.75 percent, the lowest it has been since March 2022.
The decision came as no surprise. For months, markets have forecast that the country’s policy rate would close the year at 11.75 percent. As The Brazilian Report explained in today’s Brazil Daily newsletter, analysts wanted to see if the Central Bank would indicate cuts in its next meetings — which it did.
“If the scenario evolves as expected, the committee members unanimously anticipate further reductions of the same magnitude in...
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