In June, the European Central Bank began cutting its benchmark interest rate, followed by the Federal Reserve in September. The Central Bank of Brazil (BACEN), which had already been cutting the SELIC rate since August 2023, surprised by raising the interest rate from 10.5% to 10.75% last month, bucking the global trend. This move highlights the uncertainty of macroeconomic projections and the wisdom of Brazilian entrepreneurs in maintaining low debt levels, adapting financial practices imported from the United States to the local reality. See the full letter: https://artica.capital/cartas/o-risco-das-dividas-no-brasil

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