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# Brazil's Copom Cuts Selic Rate by 25 Basis Points to 14.50% as Easing Cycle Continues
- URL: https://www.theglobalbanker.com/brazil-copom-cuts-selic-25bp-14-50-april-2026/
- Published: 2026-04-29T22:00:00.000Z
- Updated: 2026-10-06T18:19:09.000Z
- Description: Brazil's Copom cut the Selic rate by 25 basis points to 14.50% at its 278th meeting, continuing the easing cycle aimed at bringing inflation back to target.
- Author: TGB Editorial Team
- Tags: Central Banks, Americas

Brazil's Monetary Policy Committee cut the benchmark Selic rate by 25 basis points to 14.50% per annum at its 278th meeting, extending the easing cycle it began in March 2026\. The decision was announced by the Banco Central do Brasil on 29 April 2026.

The Copom said the move was consistent with its strategy of steering inflation back toward the target, and that it was continuing its cycle of monetary policy calibration. The Committee did not commit to the timing or size of further moves, saying that adjustments to the pace and extent of the calibration were possible in light of new information.

#### MEASURED PACE OF EASING

The statement noted that, in the most recent releases, headline inflation and underlying measures had accelerated, moving further away from the 3% target. Inflation expectations for 2026 and 2027 in the Focus survey remained above target at 4.9% and 4.0% respectively, while the Copom's own projection for the fourth quarter of 2027, the current relevant horizon, was 3.5%.

The Committee said the prolonged period of holding the policy rate at a contractionary level had provided evidence of monetary policy transmission to the slowdown in economic activity, creating the conditions to continue the calibration.

The 278th meeting followed a 25 basis point cut from 15% to 14.75% at the previous meeting in March 2026, the first reduction of the cycle. The Copom raised the Selic to 15% in 2025, its highest level in almost two decades, and is now progressively unwinding that tightening.

#### STRATEGY OF INFLATION CONVERGENCE

In its statement, the Committee emphasised that the decision was consistent with its strategy of ensuring convergence of inflation around the target within the relevant horizon.

The statement described the external environment as uncertain because of the conflicts in the Middle East, saying this called for caution from emerging-market countries amid higher volatility in asset and commodity prices. 

The statement listed a persistently more depreciated exchange rate among the upside risks to inflation, and the Committee said future steps would incorporate new information on the Middle East conflict. The decision was unanimous among the six voting members, led by Governor Gabriel Galípolo.