Brazil’s central bank is set to deliver its fourth straight interest rate cut of 50 basis points, forging ahead with a gradual monetary easing campaign as uncertainties over the global outlook fade and local inflation slows down further.

All analysts surveyed by Bloomberg see the benchmark Selic falling to 11.75% after markets close on Wednesday, adding to a cycle that’s already reduced borrowing costs by 1.5 percentage points since August. About 3% of digital options at the local stock market expect a bigger cut of 75 basis points.

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