MONETARY POLICY
Central Bank makes first rate cut in nearly two years
Markets feared Gabriel Galípolo would be too dovish as a central banker. They were wrong. Photo: Andreia Naomi/BCB
The Brazilian Central Bank cut its benchmark interest rate by a quarter of a percentage point on Wednesday, to 14.75% — its first reduction since May 2024, after five consecutive meetings at which policymakers held the Selic rate at 15%, its highest level in two decades.
At its last meeting in January, the bank’s Monetary Policy Committee (Copom) signaled it would begin a rate-lowering cycle, leading most market analysts to…
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