Central Bank of Brazil Governor Roberto Campos Neto said on Thursday that the size of the rate cut at the June meeting is still undecided and said that the discussion within Copom over the pace of future cuts was about “how to proceed with greater certainty.”

“We understood there was greater uncertainty about the issues we were defending, but Copom is not divided, the decision was unanimous. Obviously, there are different opinions on various topics," he said in a press conference to present the inflation quarterly report.

According to minutes of last week’s meeting, "some members" of Copom argued in favor of reducing the 50-basis-point-a-meeting pace of cuts if "uncertainty remains high in the future.” Campos Neto highlighted that Copom’s baseline scenario has not change significantly since its January meeting when asked whether the expected terminal rate remains the same. (See MNI INTERVIEW: New Brazil Guidance Doesn't Mean Slower Easing)