--- source: Banco Central do Brasil url: https://www.bcb.gov.br/content/focus/focusmarketreadout/R20260424.pdf document_type: pdf date_retrieved: 2026-04-27T11:50:00Z period: Week of April 24, 2026 (reference week) parent_publication: Focus Market Readout indicators_covered: - IPCA - GDP - Exchange Rate - Selic Target - IGP-M - Regulated Prices - Current Account - Trade Balance - Foreign Direct Investment - Net Public Sector Debt - Primary Result - Nominal Result methodology: Median of market expectations from financial institutions surveyed over previous 30 days (or 5 business days as noted) --- # Focus Market Readout ## Market Expectations ``` Focus Market Readout Market Expectations April 24, 2026 2026 2027 2028 2029 Median - Aggregate 4 weeks 1 week Today Weekly Resp. 5 working Resp. 4 weeks 1 week Today Weekly Resp. 5 working Resp. 4 weeks 1 week Today Weekly Resp. 4 weeks 1 week Today Weekly Resp. ago ago Trend * ** days *** ago ago Trend * ** days *** ago ago Trend * ** ago ago Trend * ** IPCA (%) 4.31 4.80 4.86 ▲ (7) 160 4.89 122 3.84 3.99 4.00 ▲ (5) 153 4.00 118 3.57 3.60 3.61 ▲ (1) 126 3.50 3.50 3.50 (34) 118 GDP (% growth) 1.85 1.86 1.85 ▼ (1) 120 1.87 81 1.80 1.80 1.80 (17) 114 1.73 78 2.00 2.00 2.00 (111) 87 2.00 2.00 2.00 (58) 84 Exchange Rate (R$/US$) 5.40 5.30 5.25 ▼ (3) 128 5.24 94 5.45 5.35 5.35 (1) 119 5.30 91 5.50 5.40 5.40 (1) 88 5.50 5.45 5.41 ▼ (2) 85 Selic Target (% p.a) 12.50 13.00 13.00 (1) 155 13.00 110 10.50 11.00 11.00 (1) 150 11.00 107 10.00 10.00 10.00 (14) 116 9.75 9.88 9.75 ▼ (1) 113 IGP-M (%) 3.46 4.66 4.80 ▲ (8) 70 4.98 52 4.00 4.00 4.00 (10) 65 4.00 48 3.88 3.82 3.82 (2) 59 3.75 3.70 3.70 (2) 57 Regulated Prices (%) 4.27 4.90 4.98 ▲ (3) 106 4.97 85 3.77 3.80 3.80 (2) 95 3.79 76 3.50 3.50 3.50 (22) 70 3.50 3.50 3.50 (41) 69 Current Account (US$ billion) -65.00 -62.00 -61.20 ▲ (3) 40 -59.38 26 -65.00 -62.50 -62.00 ▲ (2) 37 -62.00 25 -64.05 -64.05 -64.05 (4) 29 -63.00 -63.25 -63.13 ▲ (1) 28 Trade Balance (US$ billion) 70.00 72.65 75.00 ▲ (2) 39 73.78 25 73.05 74.00 75.00 ▲ (2) 37 75.00 23 74.00 73.00 71.10 ▼ (2) 30 75.28 74.83 74.10 ▼ (1) 28 Foreign Direct Investment (US$ billion) 75.00 75.00 75.00 (10) 41 75.00 27 78.50 78.00 76.43 ▼ (2) 40 75.10 27 80.00 80.00 80.00 (11) 33 80.00 80.00 79.00 ▼ (1) 31 Net Public Sector Debt (% of GDP) 69.90 69.90 69.90 (5) 56 69.90 43 73.46 73.51 73.35 ▼ (1) 54 73.30 41 76.30 76.37 76.30 ▼ (2) 47 78.80 79.15 78.82 ▼ (1) 45 Primary Result (% of GDP) -0.50 -0.50 -0.50 (10) 62 -0.50 45 -0.40 -0.40 -0.40 (5) 59 -0.40 42 -0.26 -0.25 -0.25 (2) 49 -0.10 -0.10 -0.10 (9) 48 Nominal Result (% of GDP) -8.50 -8.50 -8.50 (6) 52 -8.50 40 -8.00 -8.00 -8.00 (9) 50 -8.00 38 -7.54 -7.50 -7.42 ▲ (1) 41 -7.27 -7.20 -7.19 ▲ (1) 40 * trend since the previous Focus Market Readout; the figures in parenthesis express the number of weeks with the same behavior ** respondents in the last 30 days *** respondents in the last 5 business days 2026 2027 2028 2029 Focus - Market Readout Page 1/2 Focus Market Readout Market Expectations April 24, 2026 ▲Increase ▼Decrease Stability Apr/2026 May/2026 Jun/2026 Next 12 months, smoothed Median - Aggregate 4 weeks 1 week Today Weekly Resp. 5 working 4 weeks 1 week Today Weekly Resp. 5 working 4 weeks 1 week Today Weekly Resp. 5 working 4 weeks 1 week Today Weekly Resp. 5 working ago ago Trend * ** days ago ago Trend * ** days ago ago Trend * ** days ago ago Trend * ** days IPCA (%) 0.46 0.66 0.70 ▲ (7) 153 0.72 0.31 0.37 0.38 ▲ (3) 152 0.39 0.27 0.30 0.30 (1) 151 0.31 4.10 4.11 4.09 ▼ (1) 131 4.10 Exchange Rate (R$/US$) 5.25 5.08 5.05 ▼ (2) 121 5.04 5.27 5.11 5.10 ▼ (3) 120 5.06 5.29 5.15 5.10 ▼ (3) 120 5.10 Selic Target (% p.a) 14.50 14.50 14.50 (4) 154 14.50 - - - 14.00 14.25 14.25 (1) 154 14.25 IGP-M (%) 0.43 1.39 2.29 ▲ (7) 66 2.50 0.29 0.40 0.47 ▲ (4) 66 0.50 0.25 0.26 0.26 (3) 66 0.25 4.72 4.64 4.41 ▼ (3) 59 4.44 * trend since the previous Focus Market Readout; the figures in parenthesis express the number of weeks with the same behavior ** respondents in the last 30 days Apr/2026 May/2026 Jun/2026 Next 12 months, smoothed Focus - Market Readout Page 2/2 ``` ```