Brazil’s central bank cut the Selic rate by 25 basis points to 14.50 percent at its late-April Copom meeting, extending the cautious easing cycle that began in March amid moderating GDP growth and resilient yet non-inflationary labor-market conditions. Market-implied odds heavily favor another reduction in June because prior policy transmission is viewed as sufficient to keep inflation on a converging path despite 2026 IPCA expectations holding near 4.9 percent, above the 3 percent target midpoint. Hawkish April minutes, however, stressed data dependence and elevated upside risks from geopolitical oil shocks, leaving room for a pause if incoming releases such as the full April IPCA print show further acceleration. This dynamic anchors the 76 percent implied probability of a decrease while capping no-change odds at roughly one-quarter.