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BCB Copom Cut Selic Rate 25bp; Four Dovish Dissents

BRAZIL
  • The Central Bank of Brazil reduced its official Selic rate by 25bps to 10.50% Wednesday in a split decision that saw four deputies dissent in favor of the 50bp cut indicated by the prior meeting's guidance.
  • "The Committee unanimously judges that the uncertain global scenario and the domestic scenario, marked by resilient economic activity and deanchored expectations, require greater caution," said the statement.
  • Markets largely anticipated the shift toward a smaller reduction despite March guidance for another half point cut after BCB governor Roberto Campos Neto said last month the board was "not afraid to do what's needed" if economic trends change.
  • Deputy governors Gabriel Galípolo, Paulo Picchetti, Ailton de Aquino, and Rodrigo Alves Teixeira, all appointees of President Luís Inácio Lula da Silva, voted for a 50bp cut.
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