Brazilian interbank deposit (DI) rates fell sharply on Wednesday, with declines exceeding 25 basis points across several tenors.
The move marks a continuation of the downward pressure on the yield curve as market participants further reduce their pricing for future interest rate hikes.
The selloff follows the release of the minutes from the latest meeting of Brazil's Monetary Policy Committee (Copom).
The central bank's recent decision to cut the Selic rate by 25 basis points has reinforced expectations of a dovish stance, prompting traders to adjust their positions accordingly.
The trading agenda remains focused on digesting the implications of the committee's latest communications.
This repricing extends the trend observed on Tuesday, when DI futures also closed lower as investors scaled back their bets on tighter monetary policy.