Citigroup forecasts Brazil’s benchmark Selic rate to be 10% at the end of 2024. The central bank’s weekly survey shows economists projecting a 9% benchmark rate by year-end. Despite disinflation progress, Latin American countries may end their easing cycles with rates slightly above neutral. Citigroup also predicts the Brazilian real to stabilize around 4.95 per USD for 2024 and 2025, assuming economic conditions lead to a potential increase in easing pace due to a sharper-than-expected economic slowdown.