🦅 Hawkish prose, dovish move 🕊️

The Central Bank on Wednesday trimmed its benchmark Selic rate to 14.25%, a third consecutive quarter-point cut, and then issued a statement that read like the case for holding. The reduction extends the “calibration cycle” the Monetary Policy Committee (Copom) opened in March from a peak of 15% — the highest in nearly two decades.

Read backward, the diagnosis points one way…

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