Brazil Treasury yields fall sharply after fifth straight Selic cut despite Fed hike

Brazil's Copom cut the Selic rate to 13.75%, its fifth consecutive reduction, but analysts see the easing cycle nearing its end. The Fed raised US rates for the first time since 2023 and signaled another hike this year, yet Brazilian Treasury yields fell sharply, suggesting market focus on domestic easing and possibly a more hawkish Fed being priced in.