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Fiscal Tensions Ease, But BCB’s Galipolo Flags Concern On Services Inflation

BRAZIL
  • Local media report that Finance Minister Haddad managed to set limits to tax benefits to the country’s events sector, with the benefit now set to end in 2026 or when it reaches a ceiling of BRL 15bn. In a further sign of improving relations between the government and congress, lower house Speaker Lira also said on TV last night that he had made a mistake when making negative comments about Minister of Institutional Relations Padilha recently.
  • Turning to today’s agenda, President Lula is reported to be trying to postpone a congressional session that could overturn presidential vetoes related to budget cuts, while Haddad may send the first of two bills to regulate the tax reform.
  • Brazilian assets are underperforming today, with the currency ~0.7% weaker against the dollar and DI swap rates c.15bp higher across the curve. The BCB’s Gabriel Galipolo is speaking at an event in Sao Paulo currently, with the director noting concern about the rise in services inflation and the need for time to understand how the adjustment in the US yield curve will affect the BCB’s inflation mandate.
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