Brazil Keeps Selic at 15% After Unanimous Vote, Leaving Real Rate No. 2 Globally

Overview

• The Central Bank’s Copom voted 9–0 to hold the benchmark rate at 15%, the highest since July 2006.
• An ex-ante ranking by MoneYou and Lev Intelligence estimates Brazil’s real rate at 9.74%, behind only Turkey’s 17.80%.
• Finance Minister Fernando Haddad urged a cut and said he would vote to reduce the rate, arguing a near-10% real cost is unsustainable.
• Seven of the nine Copom members were appointed by President Lula, and none of his appointees supported cuts in any 2025 meeting.
• The committee meets next on Dec. 9–10, with market forecasts pointing to 2025 inflation at 4.55% versus a 3% target, as industry groups warn steep rates are restraining investment.