{
  "data": {
    "id": "banco-central-do-brasil-2026-03-18",
    "bank": "banco-central-do-brasil",
    "bankName": "Banco Central do Brasil",
    "country": "BR",
    "date": "2026-03-18",
    "announceAt": "2026-03-18T21:30:00Z",
    "timezone": "America/Sao_Paulo",
    "dateStatus": "published",
    "movedFrom": null,
    "rateBefore": 15,
    "step": 0.25,
    "calendarSource": "https://www.bcb.gov.br/en/about/bcb-calendar",
    "citation": "277th Copom meeting, day 2 on the BCB Calendar (2026, Copom category); decision date also in the Interest rate policy decisions table. Copom meets over two days (usually Tuesday-Wednesday) and the statement is released 'from 6:30 p.m. on' Brasilia time on day 2 (bcb.gov.br/en/monetarypolicy/committee); 18:30 America/Sao_Paulo (UTC-3, no DST) = 21:30Z.",
    "settleSource": {
      "role": "decision-statement",
      "pattern": "https://www.bcb.gov.br/en/monetarypolicy/copomstatements/<numeric id>",
      "foundAt": "https://www.bcb.gov.br/en/monetarypolicy/copomstatements/cronologicos",
      "example": "https://www.bcb.gov.br/en/monetarypolicy/copomstatements/2689",
      "resolvable": false,
      "reads": {
        "right": 0,
        "wrong": 0,
        "void": 0
      }
    },
    "observed": {
      "at": "2026-03-18T21:33:52Z",
      "rateBefore": 15,
      "rateAfter": 14.75,
      "direction": "cut",
      "statement": "https://www.bcb.gov.br/en/monetarypolicy/copomstatements/2653",
      "observed": true
    },
    "page": "https://macroindex.org/bank/banco-central-do-brasil/decision/2026-03-18",
    "account": {
      "summary": "The Copom cut the Selic rate target by 25 basis points to 14.75% a year, beginning what it called a monetary policy calibration cycle.",
      "vote": "7–0",
      "reasons": [
        "The Committee said the prolonged period of the Selic at a contractionary level had given enough evidence of monetary policy transmission to the economic slowdown to begin the calibration cycle.",
        "It said the Middle East conflicts had increased uncertainty and moved inflation projections further from target, with its projection for the third quarter of 2027 at 3.3% and Focus expectations at 4.1% for 2026."
      ],
      "guidance": "The Committee said future calibration steps would incorporate new information on the depth and duration of the Middle East conflicts and their effects on prices.",
      "quote": "The Committee deemed it appropriate to begin the monetary policy calibration cycle",
      "links": [
        {
          "label": "Minutes",
          "url": "https://www.bcb.gov.br/en/publications/copomminutes/18032026"
        }
      ],
      "readFrom": [
        "https://www.bcb.gov.br/en/monetarypolicy/copomstatements/2653"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T21:48:40.636Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}