Brazil fixed-rate yields drop to a two-week low after Copom minutes

Fixed-rate yields on Brazilian government bonds fell to their lowest level in two weeks on September 23, 2026. The move came after the Central Bank of Brazil published the minutes of its Copom meeting, maintaining the tone of the statement that accompanied the Selic rate cut to 13.75% per year.

The yield on the Tesouro Prefixado 2032 slipped from 14.10% to 14.08% per year, bringing its cumulative drop to 0.26 percentage points since the previous Thursday. The Prefixado com Juros Semestrais 2037 eased from 14.12% to 14.10%, and the Prefixado 2029 fell to 13.77%.

In contrast, real yields moved higher. The Tesouro IPCA+ 2032 rose from IPCA + 7.63% to IPCA + 7.66% per year, while the IPCA+ 2040 stood at IPCA + 7.31% and the IPCA+ 2050 reached IPCA + 7.16%. As a result, the implied inflation priced into 2032 bonds fell below the 6% threshold to approximately 5.96% per year.

The central bank reiterated that the final size of the monetary easing cycle will depend on incoming data. According to the Focus survey, analysts expect the Selic rate to end the year at 13.50%. On the prior day, the Ibovespa rose 0.44% to 187,422.92 points, while the US dollar closed flat at BRL 5.104.