Brazilian analysts raised their key rate forecasts for the end of next year amid currency depreciation and inflation concerns. The real has fallen 15.2% YTD, influenced by doubts about President Lula da Silva’s fiscal policies and broader market anxieties. Inflation accelerated to 4.45% in early July, prompting revisions in year-end inflation expectations to 4.12% for 2024 and 3.98% for 2025.