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5h ago

Copom Keeps Brazil’s Selic at 15% After Unanimous Vote

The central bank signals a prolonged hold to steer inflation toward the 3% target under a still-uncertain global backdrop.

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Haddad e o presidente do BC, Gabriel Galípolo. Copom manteve taxa de juros em 15% ao ano.
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Overview

  • The decision marks a third straight meeting at 15%, the highest level since July 2006.
  • An ex-ante real interest rate of 9.74% places Brazil second globally, behind only Turkey, according to MoneYou.
  • The Copom said it remains vigilant and could adjust policy if needed, with 12‑month inflation at 5.17% in September and market forecasts at 4.55% for 2025.
  • Industry group CNI criticized the hold, citing a Nexus survey showing 77% of firms would invest more if the benchmark rate fell.
  • Lula-appointed directors hold a Copom majority and have not voted to cut in 2025, while markets broadly expect the easing cycle to start in January 2026 and the next meeting is set for December 9–10.