Overview
- The Copom voted 9–0 to maintain the benchmark rate at 15%, the highest level since 2006.
- The statement kept the phrase that rates will stay at this level for a “bastante prolongado” period and reiterated vigilance with a readiness to tighten if needed.
- Official projections were updated to 4.6% inflation at end‑2025, 3.6% in 2026, and 3.3% by the second quarter of 2027, noting some recent disinflation but readings still above target.
- Short‑dated interest futures fell as traders leaned toward an easing cycle in early 2026, with many analysts now pointing to March; the next Copom meeting is set for December 9–10.
- Government pressure for cuts intensified as Finance Minister Fernando Haddad said he would vote to lower rates, while industry groups and unions warned prolonged high borrowing costs are hurting credit, investment, and public finances.