Bank of America analysts expect Brazil's central bank to cut Selic by 25 bps to 14.5% at the next Copom meeting.
IPCA inflation rose to 4.5% in mid‑April from 3.8% in February; core inflation hit 4.9% and core services 5.3% on momentum.
Retail sales rose 0.6%, missing the 0.9% forecast; services grew 0.1% versus 0.5% expected; output fell to 0.9% from 2.1% in Jan.
Brazilian real has appreciated about 8.5% YTD, supporting monetary easing space and limiting second‑round inflation effects from higher oil prices.