Copom minutes say slowdown has not contained inflation and back tight rates for longer
The minutes of the November 4 Copom meeting, released on November 10, say inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ re-accelerated despite slower activity and that the Selic should stay restrictive for longer, citing supply shocks such as oil, El Niño, the end of the 6x1 work schedule and the weaker real, according to Agência Brasil and Gazeta do Povo.
3sources
3independent groups
4dpublished
In brief
The Copom minutes say the economic slowdown has not contained inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗.
The central bank signaled tight rates for longer.
What we know
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Verified fact · material
The Copom minutes, released on November 10, 2026, say inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ re-accelerated despite a sharper slowdown in economic activity.
According to Bloomberg Línea, Copom 2027 inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ forecast rose to 4.7% from 3.9%.
The minutes reduce the chance of near-term rate cuts.
Portfolio impact
01
DI jan/2028negative
Higher for longer.
InflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ eases.
What would change the view:InflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ persists.
rates10% confidence
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
October IPCAInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗
December meeting
Limits of the reporting
What remains uncertain
Sources do not quantify each shock weight on inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗.