[Goldman Sachs: Brazil's Central Bank Expected to Alternate Between Rate Cuts and Holding Steady] According to a report by Golden Finance, on June 23, Alberto Ramos from Goldman Sachs wrote that Brazil's central bank might alternate between pausing rate cuts and lowering its benchmark Selic rate. Last week, Brazil's central bank reduced the Selic rate from 14.5% to 14.25%, and its next steps remain unclear. Amid sticky inflation and risks of economic slowdown, the meeting minutes provided some insight into the central bank's thinking. Ramos stated that intermittent rate cuts 'would lead to milder output fluctuations, with inflation converging to target levels by the first quarter of 2028.' He added, 'Overall, in the short-term trade-off between growth and inflation, Copom appears more inclined to protect economic activity rather than adopting a more aggressive inflation-focused strategy.'