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BRASILIA, Sept 26 - Brazil's central bank voiced concerns over inflation expectations not aligning with official targets and noted differing opinions among board members on services inflation improvements, ruling out any acceleration in its easing cycle, according to the minutes of its Sept. 19-20 meeting.
Policymakers had previously signaled further rate cuts of the same size ahead, tempering market expectations for a faster pace later in the year. The central bank is now emphasizing a low likelihood of larger reductions in the Selic rate, which would require substantial positive surprises in inflation.
Speaking at an event hosted by J. Safra bank, central bank monetary policy director Gabriel Galipolo said on Tuesday that the latest services inflation data came with"a little bit of surprise" in indicators that tend to be more volatile. But he stated that the headline figure, which reached an annual 5.00%, was positive.
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