Central Bank of Brazil cuts interest rates to 8.25% vs 9.25% prior

Brazilian Central Bank cuts interest rates by 100bps

8th cuts in just under a year
Moderate reduction of pace of easing could be appropriate at next meeting given stage of cycle
Expects current easing cycle to end gradually
Monetary easing will continue to depend on economic activity, balance of risks and inflation outlook
Data suggests gradual economic recovery
Inflation remains very favorable, with several measures of underlying inflation at low levels

Yet another cut but signals that the continued pace of cuts will lessen.