Latin America Economic Research 12 June 2026 J P M O R G A N COPOM preview One step at a time The BCB's monetary policy calibration, which began in March, faces a close call next week. The combination of external shocks, higher global rates and higher global prices amid the conflict in the Middle East, alongside an increasingly expansionary domestic fiscal and credit mix has raised the bar for continued easing. Even so, we expect the BCB to deliver another 25bp cut, taking the Selic to 14.25%. More importan ...