LATAM Week Ahead

Latest edition · September 11, 2026

LATAM Week Ahead Brazil Copom ( 25bp to 13

Goldman Sachs previews the Latin America week ahead, expecting Brazil's Copom to cut the Selic policy rate by 25bp to 13.75% with data-dependent guidance on September 16. In Chile, the central bank will release minutes from its September 8 meeting where it held rates steady at 4.5% amidst softening domestic demand.

For the week ahead in Latin America, Goldman Sachs anticipates Brazil's Copom will implement a 25bp cut to the Selic rate, taking it to 13.75% on September 16 while keeping forward guidance open-ended. Despite decelerating real activity and restrictive ex-ante real interest rates, the central bank's easing capacity remains curtailed by deteriorated 2027 inflation expectations (tracking at 4.29%), persistent services price pressures, higher Brent oil prices ($105/bbl), and higher US Treasury yields. In Chile, the release of the September 8 MPC minutes will be scrutinized for discussions around sluggish domestic activity, after the central bank held rates at 4.5% and lowered its 2026 GDP growth outlook to 0.25%-0.75%. The report also outlines key regional economic data releases including Argentina GDP and Colombian activity indicators.

Key takeaways from the latest edition

• 1.Goldman Sachs expects Brazil's Copom to cut the Selic rate by 25bp to 13.75% on September 16, maintaining uncommitted, data-dependent forward guidance.
• 2.Further easing scope in Brazil is heavily constrained by deteriorating 2027 inflation expectations, persistent services inflation, surging oil prices (+32%), and higher US yields.
• 3.Chile's MPC minutes will be released on September 16, providing insight into the unanimous hold at 4.5% amid weakening domestic demand and a downgraded 2026 GDP growth forecast.

What this series covers

• Restrictive Ex-Ante Real Rates
• BRAZIL: Data Flow Since August 5 Copom Meeting
• DATA NEXT WEEK:
• Disclosure Appendix

Edition archive

• LATAM Week Ahead Brazil Copom ( 25bp to 13

  September 11, 2026

• LATAM Week Ahead MPC Meetings in Chile (Hold at 4.5 ) and Peru (+25bp to 4

  September 4, 2026

• LATAM Week Ahead Growth Momentum Softened During 2Q2026 in Brazil

  August 28, 2026

• LATAM Week Ahead MPC Meeting in Peru (+25bp to 4

  August 7, 2026

• LATAM Week Ahead: MPC Minutes in Mexico; MPC Meeting in Peru (Hold at 4.25%)

  July 3, 2026

• LATAM Week Ahead Copom in Brazil (-25bp to 14.25)

  June 12, 2026