The key issue for 2026 will be the independence of the U.S. Central Bank (the Fed).

Our partner and Chief Economist, Luis Otavio Leal, took part in the Touros e Ursos podcast by Seu Dinheiro to analyze the direction of global monetary policy and its impacts on investments.

Leal discussed how interest rate cuts in the U.S. could open room for the Copom to reduce the Selic rate in Brazil, the risks posed by Donald Trump’s political influence over the Fed’s independence, and the outlook for the Brazilian stock market. He also shared G5 Partners’ views on asset allocation strategies for investors.

Watch here