Weekly Report - 09 May 2024 (WR-24-18)

BRAZIL | Rate cut cycle slows down. The central bank’s monetary policy committee (Copom) decided on 8 May to lower the country’s benchmark interest rate (Selic) from 10.75% to 10.50%. There were divisions on the committee over the scale of the rate cut, with four of the nine members voting to lower it by 0.5 percentage points, as it had done in every meeting since August 2023. But the remaining five members voted for a slowdown in the rate cut cycle.