FED minus BCB (USD/BRL)
• Coverage: 1986–2026
Federal Reserve vs. Brazil SELIC Interest Rate Differential (1986–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the Central Bank of Brazil (BCB Policy Rate). As of Sep 2026, FED stands at 3.88% vs. BCB at 13.75%, resulting in a bilateral policy rate differential of -987 bps (-9.87 percentage points).
Current Spread (Sep 2026)
-987 bps
FED: 3.88% · BCB: 13.75%
Mean Spread (1986–2026)
-287136 bps
41 overlapping years
Widest Positive Spread (2020)
-188 bps
Maximum FED premium over BCB Lowest / Negative Spread (1989)
-10347596 bps
Minimum FED minus BCB differential
FED (Blue) vs. BCB (Amber) Policy Rates (1986–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus BCB, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: Central Bank of Brazil
Annual FED vs. BCB Policy Rate Differential Ledger (1986–2026)
| Year | FED Policy Rate | BCB Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 13.75% | -9.87 pp | -987 bps |
| 2025 | 3.62% | 15.00% | -11.38 pp | -1138 bps |
| 2024 | 4.38% | 12.25% | -7.87 pp | -787 bps |
| 2023 | 5.38% | 11.75% | -6.37 pp | -637 bps |
| 2022 | 4.38% | 13.75% | -9.37 pp | -937 bps |
| 2021 | 0.12% | 9.25% | -9.13 pp | -913 bps |
| 2020 | 0.12% | 2.00% | -1.88 pp | -188 bps |
| 2019 | 1.62% | 4.50% | -2.88 pp | -288 bps |
| 2018 | 2.38% | 6.50% | -4.12 pp | -412 bps |
| 2017 | 1.38% | 7.00% | -5.62 pp | -562 bps |
| 2016 | 0.62% | 13.75% | -13.13 pp | -1313 bps |
| 2015 | 0.38% | 14.25% | -13.87 pp | -1387 bps |
| 2014 | 0.12% | 11.75% | -11.63 pp | -1163 bps |
| 2013 | 0.12% | 10.00% | -9.88 pp | -988 bps |
| 2012 | 0.12% | 7.25% | -7.13 pp | -713 bps |
| 2011 | 0.12% | 11.00% | -10.88 pp | -1088 bps |
| 2010 | 0.12% | 10.75% | -10.63 pp | -1063 bps |
| 2009 | 0.12% | 8.75% | -8.63 pp | -863 bps |
| 2008 | 0.12% | 13.75% | -13.63 pp | -1363 bps |
| 2007 | 4.25% | 11.25% | -7.00 pp | -700 bps |
| 2006 | 5.25% | 13.25% | -8.00 pp | -800 bps |
| 2005 | 4.25% | 18.00% | -13.75 pp | -1375 bps |
| 2004 | 2.25% | 17.75% | -15.50 pp | -1550 bps |
| 2003 | 1.00% | 16.50% | -15.50 pp | -1550 bps |
| 2002 | 1.25% | 25.00% | -23.75 pp | -2375 bps |
| 2001 | 1.75% | 19.00% | -17.25 pp | -1725 bps |
| 2000 | 6.50% | 15.75% | -9.25 pp | -925 bps |
| 1999 | 5.50% | 19.00% | -13.50 pp | -1350 bps |
| 1998 | 4.75% | 29.00% | -24.25 pp | -2425 bps |
| 1997 | 5.50% | 38.74% | -33.24 pp | -3324 bps |
| 1996 | 5.25% | 23.00% | -17.75 pp | -1775 bps |
| 1995 | 5.50% | 40.25% | -34.75 pp | -3475 bps |
| 1994 | 5.50% | 49.86% | -44.36 pp | -4436 bps |
| 1993 | 3.00% | 5571.91% | -5568.91 pp | -556891 bps |
| 1992 | 3.00% | 1657.56% | -1654.56 pp | -165456 bps |
| 1991 | 4.00% | 1795.51% | -1791.51 pp | -179151 bps |
| 1990 | 7.00% | 1618.59% | -1611.59 pp | -161159 bps |
| 1989 | 8.25% | 103484.21% | -103475.96 pp | -10347596 bps |
| 1988 | 8.69% | 2741.20% | -2732.51 pp | -273251 bps |
| 1987 | 6.81% | 342.09% | -335.28 pp | -33528 bps |
| 1986 | 5.88% | 115.56% | -109.68 pp | -10968 bps |