"Today's highlight is the release of the payroll data in the United States."

Inflation of 0,33% reveals a relatively benign outlook for the start of 2026.

"We're not quite at the Central Bank's target yet, but the convergence is clear and significant."

Public funds for long-term credit in strategic areas are not a "distortion"; they are financial infrastructure for development.

The conclusion of the JOLTS report is clear: we are currently experiencing the biggest cooling of the labor market since the pandemic.

In January, the IC-Br measured in reais registered an increase of 1,95% compared to December.

The decline in December exposes the stagnation of the industry, pressured by high interest rates, weak investment, and performance below that of competing emerging economies.

There will undoubtedly be some relief for the Brazilian economy, which is good news, but the cost of credit will remain high.

The Focus report also projects the exchange rate to remain around R$ 5,50, relatively stable this year and in the coming years.

'An interest rate cut may be more likely in September than in August,' says economist Paulo Gala.

"When there is radical uncertainty, that is, very strong unpredictability, private companies do not take risks for reasons of asset security, profits, etc. This generally applies to technological investments," emphasizes economist Paulo Gala.