The Central Bank of Brazil's monetary policy committee (Copom) evaluated the possibility of cutting interest rates by 50 basis points and signalling a deeper cut at the next meeting, according to minutes published today (January 17).

The minutes from the December meeting noted the Copom's baseline scenario would have encouraged a smaller rate cut to create a "smoother path" for the policy rate.

However, given the backdrop of anchored inflation expectations, it was judged the current environment