The fall in Brazilian inflation to 2.5% in October, one of the lowest rates on record, makes another 50bp cut in the Selic rate at December’s Copom meeting almost certain. That said, policymakers have given a clear steer that the easing cycle is near an end. Elsewhere, Mexican inflation held at 3.0% last month, suggesting that Banxico will continue to lower rates in more gradual 25bp steps.
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