The slightly softer-than-expected Brazilian inflation figure for March of 3.9% y/y keeps the door open to 50bp interest rate cuts at the Copom meetings both next month and in June. But with underlying services inflation still running strong, we think the balance of probabilities remains tilted towards a smaller 25bp rate cut at the June meeting.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.