Private-sector economists surveyed weekly by Brazil’s central bank lowered their forecast for the benchmark Selic rate at the end of 2026 to 13.50%, from 13.75% previously, implying one additional 25-basis-point cut. The central bank cut the Selic by 25 basis points last week for a fifth consecutive meeting, taking it to 13.75% and bringing cumulative easing since March to 125 basis points. Economists held their 2027 and 2028 Selic forecasts at 12% and 10.50%, respectively, while maintaining the 2026 IPCA inflation forecast at 4.92%. The new survey also lowered the 2026 GDP growth forecast to 1.88% from 1.95% four weeks earlier and left the year-end exchange-rate forecast at 5.20 reais per U.S. dollar. The survey covered 140 respondents for the 2026 Selic target, including 77 five-day projections at 13.50%. Policymakers have pledged to keep monetary policy tight as above-target inflation eases and global price-shock risks persist, with next month’s presidential election approaching.