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BCB Interest Rate Decision Due At 2230BST / 1730ET

BRAZIL
  • The tightening of global financial conditions and deterioration in the domestic fiscal backdrop recently has seen medium-term inflation expectations edge higher in recent weeks.
  • This has prompted some market analysts to pare back BCB rate cut expectations for today’s Copom meeting and beyond.
  • A majority now expect the central bank to cut by 25bp to 10.50% later, although some still see scope for the Copom to deliver one final 50bp cut, as previously guided.
  • Alongside the decision, the statement’s description of the external environment and the committee’s language surrounding future policy moves will remain in focus.
    • The full MNI preview with analyst views is here.

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