Some financial agents believe that members of the US monetary authority spoke with caution
The commercial dollar closed at R$5.338 this Wednesday (19.Nov.2025), up 0.38%. The North American currency reached R$5.321 at its minimum and R$5.347 at its maximum. Ibovespa, the main index of the (São Paulo Stock Exchange), registered a drop of 0.47% at 5 pm, at 156,992 points.
Investors reacted to the minutes of the Fomc (Federal Open Market Committee), published this Wednesday (19.Nov.2025). O (Federal Reservethe central bank of the United States) decided in October to cut interest rates by 0.25 percentage points.
of the collegiate voted differently. One opted for a larger reduction of 0.5 percentage points. Another voted to keep the rate at the same level. Here is the document (PDF – 447 kB, in English). The interest range fell from 4.00% to 4.25%.
Economists estimate that, during the discussion on monetary policy that was reported in the document, the majority of the members of the collegiate supported maintaining interest rates.
Some economists believe that there was a sign of caution for the next meetings. Andressa Durão, economist at , stated that the inflation convergence process would have stagnated and the Fed could already be close to the neutral interest rate. “A new cut in December may not be appropriate”these.
Paula Zogbi, chief strategist at Nomad, declared that the minutes showed several members of the committee in favor of maintaining interest rates at current levels until the end of the year, although not all of them were voters.
“The narrative was reinforced that the decision has not been taken, depending on economic data. After the minutes, the bets for a cut at the next meeting, which were close to 100% last month, had dropped to close to 33%, against 66% of maintenance”these Zogbi.
Financial agents are also awaiting the publication of the payroll in the USA, which contains data on the country’s labor market. Investors have been left in the dark in recent days because of the shutdown –stoppage of government services– from .
