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Brazil: Copom lines up September rate cut

The somewhat cautious tone of the statement accompanying yesterday’s Brazilian central bank meeting (at which the Selic rate was left at 13.75%) will disappoint those hoping for an interest rate cut at the next meeting in August. But the statement does suggests that the door to an easing cycle is opening. We now think it’s most likely that the first cut will come in September (our previous forecast was November).

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