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Rebounds Despite Headwinds


(U1) Fades Off 2021 Highs

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  • Brazil DI Swaps: Decent bear flattening in the Brazil Di curve following the slightly more hawkish Copom minutes than expected. As mentioned earlier, sell side institutions have been adjusting their calls for the Selic rate following the publication. As a reminder:
  • *Brazil to Hike 100 bps in Next Policy Meeting, Itau Says (BBG)
    • DI Jan '22 +15 bps at 5.73%
    • DI Jan '23 +16 bps at 7.27%
    • - 5-yr +8 bps at 8.49%
    • - 10-yr +4 bps at 9.21%