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Brazil Interest Rate Announcement (May 2024)

The Brazilian central bank’s decision to cut the Selic rate by 25bp to 10.50% (rather than opt for another 50bp step) and drop its forward guidance confirm that most of the rate cuts in this easing cycle are now behind us. Given the hawkish tone of the accompanying statement, we’ve nudged up our end-2024 Selic rate forecast to 9.75% from 9.50%.

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