Despite the more hawkish tone in the statement, dissent among members was a highlight in the COPOM decision – 05/10
As expected, the Central Bank reduced the Selic rate by 0.25 percentage points, shifting from 10.75% to 10.50% per annum.
Although the decline magnitude was already priced in by the market, dissent among voters intensified debates about the horizon of monetary policy conduction.
Given that there were no indications of the next steps from the committee, for now, we maintain our scenario of another 0.25 percentage point cut at the next meeting, with the terminal rate at 10.25%.
For more information, please check our Weekly Report 63.
