Good morning, everyone!

New day, new market, and new opportunities are already appearing.

I will start by sharing the news from the market early on, so you can better understand what is happening and prepare for what lies ahead in the operations.

Markets today: Copom minutes and inflation in the US are highlights of the economic agenda

The minutes of last week's interest rate decision from the Monetary Policy Committee (Copom) of the Central Bank (BC) is the main highlight of the domestic agenda this Tuesday (13). The document should provide more details on the increase in the basic interest rate, from 14.25% to 14.75% per year.

The Copom justified the Selic increase by pointing out that the indicators of economic activity and the labor market show dynamics above expectations. Although the authorities have noted 'a nascent moderation in growth'.

Economists consulted by the BC's survey have cut their projections for inflation at the end of 2025 from 5.53% to 5.51%. For 2026, the median expectations for inflation decreased from 4.51% to 4.50%. For 2027, it remained at 4.00%.

For the basic interest rate, the median expectations remained at 14.75% at the end of 2025 for the 16th consecutive week.

Inflation in the US

Abroad, the April consumer price index (CPI) numbers from the United States will be observed. Inflation is expected to have risen in April on a monthly basis, with a high estimate of 0.3%, while it is expected to maintain the annualized rate at 2.4%.

In a statement released after the interest rate decision in the US last week, the American central bank emphasized that inflation in the country remains relatively high. As a result, the expectation there is also for high interest rates for a longer period.