# Copom Holds Rates Amid Fiscal Uncertainty > Brazil's central bank pauses interest rates as fiscal uncertainty grows. - Title: Copom Holds Rates Amid Fiscal Uncertainty · CNN Brasil - Summary: Brazil's central bank pauses interest rates as fiscal uncertainty grows. Brazil's central bank maintains interest rates at 13.75% due to unclear public… - Keywords: copom, selic, inter, rafaela vitoria, fiscal policy, public finances, brazil, CNN Brasil - Source: CNN Brasil — https://cnnbrasil.com.br/economia/money/macroeconomia/decisao-do-copom-vem-da-incerteza-das-contas-publicas-diz-rafaela-vitoria - Author: Da CNN Brasil - Published: 2026-11-05T01:46:15+00:00 - Read time: 1 min - Topics: copom, selic, inter, rafaela vitoria, fiscal policy, public finances, brazil, news ## Copom decision Brazil's central bank maintains interest rates at 13.75% for 2027. > O principal fator para a decisão hoje do Copom foi, de fato, essa incerteza maior ## Fiscal uncertainty Economist Rafaela Vitória says unclear public finances drive the decision. > E essa incerteza vem desse desconhecimento que a gente tem hoje de como vão estar as contas públicas no próximo ano ## Public spending growth Public spending growth exceeds inflation, projected at 6% for 2027. > A média desse período de quatro anos foi próximo a esse montante, 6% de crescimento real dos gastos ao ano ## Inflation risks Rising public spending pressures inflation and worsens economic expectations. > Esse patamar elevado, segundo ela, vem pressionando a inflação e deteriorando as expectativas ## Central bank response Central bank pauses rate cycle to await fiscal guidelines for 2027. > Na dúvida, o Banco Central pausou e vai aguardar as diretrizes da política fiscal para 2027 ## Inflation shocks Tax hikes and service price increases threaten prolonged inflation in 2027. > O aumento do IVA com alíquota acima do esperado, o impacto da escala 6x1 nos preços de serviços ## Key takeaway Brazil's central bank maintains interest rates at 13.75% due to unclear public finances for 2027.