Weekly Report - 25 June 2026 (WR-26-25)

BRAZIL | Central bank expresses uncertainty over interest rates. On 23 June the central bank’s monetary policy committee (Copom) released the minutes from its meeting last week in which it decided to reduce the benchmark interest rate by 25 basis points, bringing it down to 14.25%. However, the minutes suggested uncertainty over the current rate-cut cycle, as the committee stated that “future steps of interest rate calibration” will depend on “new information about the depth and duration of the conflicts in the Middle East”. According to Copom’s latest forecasts, Brazil’s annual inflation for 2026 could reach 5.2%, which would be well above the official inflation target range of 3.0% +/-1.5. 

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