Brazil Central Bank Publishes Copom Meeting Notes

Brazil’s Central Bank monetary policy committee (Copom) published the minutes of its most recent meeting, offering an insight into the lack of unanimity by the board regarding the last Selic reduction. Last week, the Bank cut the benchmark interest rate by half a percentage point to take it down to 13.25%, with three board members out of eight voting against such a large cut. The board had considered a more modest cut of only a quarter of a percentage point, said the minutes. Despite the dissention, a further 50bp cut next month was not ruled out and interest rate futures fell on Thursday in response. The Bank will next set rates at the end of January.