Elijah Oliveros-Rosen, chief economist for emerging markets at S&P Global Ratings: “CWe expect Brazil’s central bank to keep the Selic rate at 15 percent in its last meeting of this year on Dec 10. Both headline and core inflation have remained above the central bank’s target range this year. This has been driven primarily by services prices, which are growing above 6 percent year-over-year. Inflation expectations have also stayed well above the central bank’s 3 percent target, coming in at 4 percent, according to the latest survey. This will keep the central bank’s bias toward maintaining a restrictive monetary policy stance for several quarters. However, we see inflation slowing more noticeably in the first quarter of 2026 for three reasons. The recent appreciation of the exchange rate will lower tradeable goods prices, slowing domestic demand will soften services prices and base effects. As observed inflation slows, we also expect inflation expectations to start converging toward the 3 percent target. As a result, we…”