U.S. economic momentum cooled in the first half of 2025, with gross domestic product expanding at an annualized 1.2%, below the economy’s estimated potential. Goldman Sachs now projects growth will slow further to a 1% annualized pace in both the third and fourth quarters, citing flat domestic final sales, a likely decline in business investment, and only modest support from an expected narrowing trade deficit and inventory rebuilding. In Brazil, the Central Bank’s weekly Focus survey showed economists trimming their inflation outlook slightly, forecasting consumer-price growth of 5.07% for 2025 and 4.43% for 2026. The poll left the year-end 2025 Selic rate unchanged at 15%, while anticipating 12.5% by the end of 2026. Respondents project GDP growth of 2.23% next year and 1.88% in 2026, and see the real at 5.60 per U.S. dollar by December 2025.