| Consensus | Consensus Range | Actual | Previous | |
| Level | 14.25% | 14.25% to 14.50% | 14.25% | 14.5% |
| Change | -25bp | -25bp to 0bp | -25bp | -25bp |
Market Consensus Before Announcement
Forecasters look for a third straight rate cut in June after cuts in March and April but they are scaling back expectations for more rate cuts after that. They note policymakers are warning that demand-driven core inflation appears to be heating up as President Lula cranks up the stimulus, and some say it’s already time for a pause.
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