A retreat in oil prices has eased Brazil's near-term inflation fears and supports another rate cut, but analysts warn deeper pressures still cloud the path.
Macro
Key Facts
—The shift. Oil prices have fallen back to pre-war levels, easing the near-term inflation pressure that had spooked markets.
—The forecast. XP cut its 2026 inflation call to 5.2 percent from 5.5 percent, still above the 4.5 percent target ceiling.
—The rate. The softer outlook reinforces the case for a quarter-point cut in August, taking the Selic to 14.0 percent.
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