In brief

XP raised its 2027 IPCAInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ forecast to 5.5%.

The brokerage cut its GDPGDPMacroAggregate measure of the goods and services produced by an economy.Open in the Market Map ↗ forecast to 0.3%.

What we know

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  1. Verified fact · material

    XP raised its 2027 inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ (IPCAInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗) forecast from 4.4% to 5.5%.

    InflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗.

    Sources[01][02]
  2. Verified fact · material

    XP cut its 2027 GDPGDPMacroAggregate measure of the goods and services produced by an economy.Open in the Market Map ↗ growth forecast from 1.0% to 0.3%.

    Activity.

    Sources[01][02]
  3. Verified fact

    According to CNN Brasil, Bradesco also worsened its forecasts, to 5.3% IPCAInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ and 0.4% GDPGDPMacroAggregate measure of the goods and services produced by an economy.Open in the Market Map ↗ in 2027.

    Bradesco.

    Sources[02]
  4. Verified fact

    The revisions were published on November 6, according to CNN Brasil.

    Date.

    Sources[02]

Transmission to assets

Market read-through

Higher inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ with weaker growth complicates monetary policy in 2027.

Portfolio impact

01
DI jan/2028negative

Higher inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ expectations.

InflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ eases.

What would change the view: Revisions spread.

rates5% confidence

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

Next signals

What to watch

  • Focus survey
  • Copom minutes

Limits of the reporting

What remains uncertain

  • These are private-sector forecasts, not official data.

Full sources

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