Brazil’s central bank held its key Selic rate at 10.5%, aligning with expectations amid a challenging global climate influenced by US monetary policy and global inflation uncertainties. Despite robust domestic economic indicators and a downtrend in consumer inflation, core inflation remains above target. Inflation is expected at 4.0% for 2024 and 3.8% for 2025, with Copom projecting 4.0% and 3.4%, respectively.