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They expect a one percentage point cut in April, up from 0.75pp forecast a week ago.
The key rate was cut by 0.75pp in February to 12.25%.
The next monetary policy committee meeting is scheduled for April 11-12
The year-end projection for the Selic rate was unchanged at 9.0%. The projection for 2018's rate was revised to 8.50% from 8.75% a week ago and 9.0% a month ago.
Analysts' inflation projection for this year was cut to 4.15%, down from 4.19% a week ago and 4.43% a month ago.
For 2018 the inflation forecast was unchanged at 4.50%.
The GDP growth projection for this year remained steady at 0.48% but 2018's was raised to 2.50%, up from 2.40% a week ago and 2.30% a month ago.