Brazil's Copom is expected to continue its gradual easing cycle at the December meeting, with market-implied odds favoring a 25-basis-point Selic cut at 55.5% as the baseline scenario. The central bank's latest Focus survey, updated October 13, lowered the year-end 2026 Selic forecast to 13.25% from 13.50%, consistent with two additional quarter-point reductions from the current 13.75% level after the September move. Persistent inflation, with 2026 IPCA expectations rising to 5.22% and September data showing limited disinflation in services, tempers support for larger 50-basis-point cuts priced at 25.5%, while moderating growth and post-election fiscal hopes provide room for measured policy adjustment ahead of the November 4 and December Copom decisions.