Brazil central bank expected to hold rates in January before starting cuts in March

Brazil's central bank is expected to maintain its benchmark Selic rate at 15% on January 28, but a consensus of economists suggests a pivot toward easing will begin in March. According to a Reuters poll conducted between January 19 and January 22, 2026, the shift would mark the first reduction in borrowing costs for the nation in nearly two years. This anticipated policy change in Brazil BRcomes as inflation metrics improve and the government introduces stimulus measures to support consumption ahead of the upcoming presidential election.