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Brazil: Copom casts doubt on 2023 rate cuts

The statement accompanying yesterday’s Brazilian central bank meeting, at which the Selic rate was left at 13.75%, hinted that interest rates may need to stay at their current high level into next year. We recently pushed back the timing of the first rate cut in our profile to Q4, which is later than most expect. But the risk is that policymakers may not even cut at all this year.

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