Following an unexpected 50 bps rate cut by Brazil’s central bank, analysts adjusted their interest rate projections. The latest survey of economists predicts the Selic rate to drop to 11.75% by December and further to 9% next year. The current year’s consumer price estimate is steady at 4.84%, but expectations are for it to decline to 3.88% in 2024. The bank initiated an aggressive rate cut to 13.25% and hinted at further reductions after annual inflation fell below the target.