Radar Perene / lens macro
Macro Lens (CVM / Central Bank)
The Macro Lens reads Brazil's market regime through the institutional axis: Copom, the Central Bank, the CVM, the Treasury, Finance. The reading is cross-checked with the Perene Intermarket Doctrine for Brazil — seven calibrated intermarket ratios and a 0–100 score — and with global risk. The background reading, across long cycles, is descriptive: after regime turns like the ones this lens records, price had historically already moved by the time the headline arrived — not always, and never as a rule.
What this lens covers
Six slices: monetary policy (Copom, Selic target, minutes, Focus survey), FX (USD/BRL, flow, IOF), capital markets (CVM, IOSCO, fund regulation), banking regulation (Central Bank resolutions, local Basel), credit (loan origination, NPLs, SCR), fiscal (LDO, LOA, debt/GDP, real term premium).
How Perene reads this lens
The engine combines the regulatory regime (this lens), global risk (VIX, DXY, UST10y, gold), and Brazilian intermarket (seven ratios: Finance/IBOV, Utilities/IBOV, Commodities/IBOV, REITs/IBOV, Cyclical/Non-Cyclical, Coffee/Gold, VALE/Gold). The three axes are orthogonal by construction — divergences among them are editorially noble, not noise.
The macro regime in the Radar's archive
A macro reading is worth less as a single day's snapshot than as a series. The Radar's archive logs every turn of the Brazilian cycle with date and context: the first rate cut, high Selic vs low Selic and the currency that took command in 2024 — each episode showing what the reading said at the time and what followed. It is that memory, not forecasting, that gives the macro lens its weight.
Concepts: Brazil Regime · Intermarket BR