The latest IBC-Br, Brazil's central bank activity index, came in strong, but economists kept their pessimistic GDP forecasts, signaling skepticism that one solid monthly reading signals a durable turnaround. The gap between activity data and forecasts matters for rates: if growth expectations stay weak, the market may doubt that the central bank needs to hold Selic restrictive for long, which pressures DI futures
High IBC-Br does not convince: economists maintain pessimistic forecast for GDP
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