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BRAZIL: DI Swap Rates Spike Higher On Fiscal Concerns

BRAZIL
BulletEM BulletEmerging Market News
  • DI swap rates have also spiked higher, following the recent fiscal headlines, with yields briefly rising more than 30bp on the day.
  • The long-awaited Brazilian government spending cut announcement still hasn’t been unveiled, but the real is already tumbling after Bloomberg reported that President Lula wants to offset it with a tax exemption for low-income workers.
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  • DI swap rates have also spiked higher, following the recent fiscal headlines, with yields briefly rising more than 30bp on the day.
  • The long-awaited Brazilian government spending cut announcement still hasn’t been unveiled, but the real is already tumbling after Bloomberg reported that President Lula wants to offset it with a tax exemption for low-income workers.