Brazil Focus Survey: 2026 inflation forecast drops to 5%, GDP revised to 1.93%

Brazil's weekly Focus survey shows market participants trimming the 2026 IPCA inflation estimate to 5% while keeping the Selic rate at 13.75% and slightly revising GDP growth to 1.93%. The marginal inflation downgrade suggests easing price pressures, but the unchanged Selic indicates the central bank remains in a holding pattern.