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Brazil DI Swaps Curve Steepens Following Haddad Comments

LATAM
  • Brazil’s DI swaps curve has seen some notable steepening on Wednesday as the comments from the Finance minister are fully digested. With explicit comments regarding the fuel tax policy easing the path to lower interest rates, the front-end of the curve has shifted lower with contracts expiring in Jan 2024 seen 8bps lower. Conversely, with the fuel tax reimposition potentially affecting inflation expectations combined with the renewed criticism of BCB policy from the administration, the belly and long-end of the swaps curve has come under pressure, rising by as much as 15bps.
  • Brazil DI Swaps:
    • Jan '24 -8 bps at 13.3%
    • Jan '27 +3 bps at 12.93%
    • Jan '33 +14 bps at 13.56%
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