The Central Bank delivered the expected cut in the Selic rate to 14.5% per year, but left a relevant message: the environment for monetary policy has become more challenging. With inflation still under pressure and greater sensitivity to the external scenario, investors are operating with less visibility and a greater need for strategy.
Given the impact of rising oil prices on inflation, the Copom (Monetary Policy Committee) avoided signaling its next steps and reinforced its reliance on data. In an interview with Janela de Mercado , Marcelo Freller, strategist at C6 Bank, states that this scenario opens up space for a more balanced allocation in fixed income.
Inflation-linked bonds (IPCA+) appear as the main choice, combining protection in adverse scenarios with the potential for gains if real interest rates fall. "They can protect the portfolio in a scenario of higher inflation and, at the same time, capture significant gains if the environment improves," says Freller.
Another factor reinforcing this preference is the relative positioning of these assets. While the stock market and exchange rate have already reflected a significant portion of the so-called "Brazil rally" since 2025, real interest rates remain at a high level, which expands the scope for appreciation of securities indexed to the IPCA (Brazilian inflation index).
For more conservative investors, post-fixed income investments continue to play a central role. Even with the Selic rate falling, the interest rate level still guarantees high returns with low volatility, serving as the basis for portfolios.
