Copom Unanimously Chops 150bp

The Copom board decided unanimously to cut the Selic rate by 150bp to 11.25% and says it will keep an eye on inflation. Analysts had expected at least a 100bp easing in Brazil, with some shops predicting as much as 200bp following this week’s poor growth numbers. The trend for further reductions remains intact. Bulltick expects another 100bp cut in April, while Barclays forecasts Brazil rates hitting 9.5% or lower by June.