Copom cuts the Selic to 14%, a fourth straight reduction
The 25 basis-point move was widely expected; the committee kept the next step open.
The central bank's monetary policy committee lowered the Selic rate by 25 basis points to 14% at its August meeting, the fourth consecutive cut of the cycle.
The statement stopped short of committing to further moves, describing the path ahead as dependent on incoming data. That language has since been tested by an inflation print inside the target band and a wider-than-expected current-account deficit, pulling in opposite directions.
Even at 14%, Brazil's real interest rate remains among the highest in the world, which is why the easing cycle has been gradual rather than front-loaded.
Markets currently see the Selic ending the year at 13.75%, implying one more cut of the same size.