(Bloomberg) -- Brazil’s central bank cut its 2019 economic growth forecasts and sees inflation under control, according to its quarterly inflation report published on Thursday.

The economy will grow 2 percent this year, down from policy makers’ previous estimate of 2.4 percent in December.

Still, policy makers cautioned of a challenging international environment and said that a frustration of expectations regarding domestic economic reforms could raise the inflation trajectory.

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• In remarks to reporters later on Thursday, Campos Neto said the central bank is following market volatility and will act when it’s necessary. He added that there’s no change to its currency strategy
• The central bank continues to see 2019 inflation at 3.9 percent, the same as it did in its previous report in December
• Policy makers expect consumer price increases of 3.8 percent in 2020 and 3.9 percent in 2021
• "The Copom considers that several measures of underlying inflation are at appropriate or comfortable levels, including the components most sensitive to the economic cycle and monetary policy."

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