J P M O R G A N Latin America Economic Research 17 July 2026 Brazil weekly A window for easing See our full research on Economics: Brazil The BCB has been cutting rates at a 25bp pace since March in an environment of high inflation, de-anchored inflation expectations and stronger-than-expected economic growth. While the conflict in the Middle East has regained strength — a factor that may make the BCB more cautious — the central bank will likely see the opposite signal in the domestic data: softer CPI and g ...