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Finance Minister Haddad Says Budget Meeting With Lula Was Productive

BRAZIL
  • Finance Minister Haddad said that he had a productive meeting with President Lula yesterday to discuss public expenditure and tax waivers to help with the planning for next year’s budget. Haddad said that Lula is well informed about the demands of the budget, adding that work to execute it has already begun. Amidst rising concerns over fiscal pressures and the government’s willingness to rein in expenditure, DI swap rates remained higher on the day, with front end yields up by around 9bp. USDBRL also rose by 0.8% to 5.4206, with sights on 5.4787 next, the Jan 4 2023 high.
  • Today, President Lula is due to hold meetings throughout the day with VP Geraldo Alckmin and other ministers, including the Chief of Staff Rui Costa.
  • On the data front earlier, weekly FIPE CPI rose by 0.38% m/m in the week ending June 15, vs. +0.25% previously. No other macro data are due today, with attention turning to tomorrow’s interest rate decision, when the Copom is expected to keep the Selic rate unchanged at 10.50%.
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