Brazilian Real Hits 2025 Low After Dovish Central Bank Minutes

The minutes did the damage here, not the rate decision itself: markets had positioned for inflation to force a hawkish turn, and the guidance removed that support for the real. This matters most for carry-sensitive flows into Brazilian assets, where the policy path is the main draw. The open question is whether the central bank's read on inflation holds if price pressures persist, and whether the currency's slide itself starts feeding back into that debate.