LATAM Today: September 16, 2026

This Goldman Sachs Economics Research daily tracks LATAM macro developments across Argentina, Brazil, Chile, Colombia and Peru. Brazil: we expect Copom to cut the Selic rate another 25bp to 13.75%, with data-dependent guidance leaving the door open for a follow-up cut in late October, though scope is limited by challenging inflation with intense services pressures, deteriorating 2027 inflation expectations, higher dollar yields and oil prices, a labor market yet to turn deflationary, a positive output gap, El Niño risks and above-target conditional forecasts. Real activity (IBC-Br) fell 0.22% mom sa in July, below consensus, with the 3Q26 carryover at -0.7% qoq sa. Chile: the September 8 MPC minutes were dovish, with Directors flagging risks of a more prolonged slowdown and inflation falling below the 3% target over the two-year horizon;