Overview

• The Central Bank published the weekly Focus survey at 8:25 a.m., showing 2025 inflation at 4.83%, the Selic forecast steady at 15% for 2025, 12.38% for 2026, and the 2027 rate at 10.50%.
• Fazenda and Planning will release the 4th Bimestral Revenue and Expenditure Report this afternoon, with market expectations pointing to a larger budget block driven by rising mandatory spending.
• The Copom minutes are due Tuesday and the third‑quarter Monetary Policy Report on Thursday, alongside a CMN meeting.
• The Central Bank will close the week on Friday with August external‑sector statistics and the 2024 Foreign Capital Census.
• President Luiz Inácio Lula da Silva is in New York for meetings including a sit‑down with TikTok CEO Shou Zi Chew and participation in a high‑level UN conference on a peaceful solution for the Palestinian question, while several Federal Reserve officials deliver speeches that could sway global market tone.