At its meeting of 3 and 4 November 2026 Brazil's central bank rate committee (Copom, meeting 282) kept the Selic rate at 13.75%, so there was no cut, as the Banco Central do Brasil statement and rate history show and Reuters confirms.
Hunch. On 26 October the dollar rose about 9% against the real in one day, the very risk the bank named in September.
The cut market resolves on the Copom statement of 4 November 2026 on the Banco Central do Brasil website: YES if it sets the Selic rate below 13.75%, and NO if it is 13.75% or higher. If that page does not open, Al Jazeera and BBC News reports of the decision settle it together.
We looked for cases where Brazil’s rate committee had cut its rate at its two meetings before, by no more than 0.50 point each time, and had warned that a weaker real could push up prices. We found five such meetings among 249 since March 1999. Three came this year and two in late 2023.