Holding pattern

BRAZIL ECONOMICS - Report 23 Sep 2026 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

The Copom Minutes, in line with the statement released after last week's meeting, brought relatively few new elements to the monetary policy discussion. This reinforces our view of another 0.25 p.p. cut at the next meeting, conditional on the election outcome, given the likely behavior of the currency under each electoral scenario.

As we had already highlighted in our analysis of the statement, the main change concerns the Committee's degree of certainty regarding the economic slowdown scenario, which, once again, was described as an “essential element of the process of rebalancing supply and demand in the economy and of inflation convergence to the target”.

Now read on...

Register to sample a report

Register
Must have at least 8 characters
Sign-in
Forgot your password?
Copyright 2026 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.