The Ibovespa traded near flat around 158,000 on Wednesday as investors braced for the final monetary policy decisions of the Central Bank and the Fed, while digesting fresh inflation data. Copom is set to announce its last decision of the year later today, with broad expectations for the Selic to remain at 15%, as markets look for signals on when cuts may begin in 2026. The Fed also decides today, and traders remain confident of a 25 bp rate cut. Meanwhile, Brazil’s annual inflation eased to 4.46% in November, slightly below forecasts. Among blue chips, major banks traded mostly lower, with Itau down about 6%. In contrast, Vale advanced nearly 2% on stronger iron ore prices, and Petrobras edged up amid firmer oil. WEG gained over 0.6%, Ambev fell nearly 3%, and steelmakers traded higher, with CSN up 3% and Gerdau rising 0.8%.