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Peru’s central bank decided to cut its policy rate by 25 basis points to 6% during its April policy meeting, defying market expectations for another pause. The decision came as the country’s annual headline inflation rates slowed from 3.3% in February to 3% in March, coming within the upper limit of the target range. Twelve-month inflation expectations also decreased from 2.65% in February to 2.56% in March. Moreover, the board noted that the outlook for global economic activity points toward moderate growth, while volatility in financial markets persists amid uncertainty about the direction of monetary policy. Lastly, the central bank mentioned that future adjustments in the reference rate will be conditional on new information on the inflation and its determinants.