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# Brazil's Copom cuts Selic rate to 10.75% and signals one more half-point reduction
- URL: https://www.theglobalbanker.com/brazil-s-copom-cuts-selic-rate-to-10-75-and-signals-one-more-half-point-reduction/
- Published: 2024-03-21T05:00:00.000Z
- Updated: 2026-11-03T22:23:51.000Z
- Description: The central bank's committee unanimously lowered the Selic by 50 basis points and narrowed its forward guidance to a single meeting, citing heightened uncertainty and the need for greater flexibility.
- Author: TGB Editorial Team
- Tags: Central Banks, Americas, #archive

Banco Central do Brasil's Monetary Policy Committee (Copom) unanimously cut the Selic rate by 50 basis points to 10.75% on 20 March 2024, continuing the easing cycle it began in August 2023\. All nine members of the committee, including Governor Roberto Campos Neto, voted for the reduction.

In its statement, the committee said its members unanimously anticipated, if the expected scenario materialised, a reduction of the same magnitude at the next meeting. The guidance was narrower than at the previous meeting on 31 January 2024, when members had anticipated reductions of the same magnitude at the next meetings.

#### GUIDANCE NARROWED TO ONE MEETING

The committee said the current environment, marked by a stage of the disinflation process that tends to be slower, only partial re-anchoring of inflation expectations and a challenging global scenario, called for serenity and moderation in the conduct of monetary policy.

Inflation expectations in the central bank's Focus survey stood at around 3.8% for 2024 and 3.5% for 2025\. The Copom's own projections were 3.5% for 2024 and 3.2% for 2025.

#### DOMESTIC AND EXTERNAL CONDITIONS

Domestically, the committee said the set of economic activity indicators remained consistent with the slowdown it had anticipated. Headline consumer inflation continued to fall, while measures of underlying inflation were above the target in the most recent releases.

The external environment remained volatile, the committee said, marked by debate over the start of monetary easing in the main economies and over the pace at which inflation would fall in a sustained way in several countries. The next Copom meeting was scheduled for May 2024.