Continuous cycle

BRAZIL ECONOMICS - Report 12 Aug 2026 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

The Copom Minutes are, overall, more dovish than its previous version pertaining to the June meeting. Even so, although we expect the Selic rate target reach 13.75% per annum at the end of the year, that is, 0.25 p.p. below its current level, we do not have sufficient elements to determine whether such a reduction will already occur at the next meeting or, more likely, only in the last quarter of 2026.

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