BCB holds rates at 13.75% as expected; decision unanimous

Current scenario is marked by a substantially contractionary Selic rate, a significant increase in uncertainty surrounding the reference scenario and higher inflation expectations Current scenario is also marked by a more pronounced deceleration of domestic economic activity This presents a challenging scenario for monetary policy, requiring serenity and caution in its conduct Committee will continue to monitor developments to keep monetary policy adequately restrictive to ensure inflation converges to the target Continues to monitor how developments in domestic fiscal policy impact monetary policy and financial assets, reinforcing its cautious stance in a scenario of heightened uncertainty Recent indicators of economic activity remain consistent with a trajectory of deceleration for the full year of 2026 Risks to inflation, both to the upside and to the downside remain higher than usual, with an upward asymmetry.