In brief

Copom held the Selic at 13.75% a year.

The decision halts a run of five cuts.

What we know

04

  1. Verified fact · material

    Copom held the Selic rate at 13.75% a year on November 4, 2026.

    Decision.

    Sources[02][03][04]

  2. Verified fact · material

    The decision halts a run of five consecutive rate cuts.

    Cycle.

    Sources[03][04][01]

  3. Verified fact

    According to InfoMoney, Copom inflation projection for the relevant horizon rose from 3.2% to 3.5%.

    Projection.

    Sources[03]

  4. Verified fact

    According to Agência Brasil, CNI called the hold a mistake.

    Reaction.

    Sources[02]

Transmission to assets

Market read-through

The pause signals central bank caution over the currency and post-election fiscal risk.

Portfolio impact

01
Juros futurosnegative

Higher rates for longer.

Credible fiscal adjustment.

What would change the view: Sticky inflation.

rates20% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Copom minutes
  • December meeting

Limits of the reporting

What remains uncertain

  • The statement does not say how long the rate will stay on hold.

Full sources

04
01
Investidor10Copom mantém a Selic em 13,75% ao anoindependent newsroom
02
Agência BrasilSetor produtivo critica manutenção da Selic em 13,75% ao anoindependent newsroom
03
InfoMoneySelic mantida em 13,75%: o que fazer e o que evitar com seus investimentos agoraindependent newsroom
04
Gazeta do PovoCopom interrompe ciclo de cortes e mantém Selic em 13,75%independent newsroom
06