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Government To Present Fiscal Measures Next Week, Plans To Cut Expenses

BRAZIL
  • Brazilian assets have rallied this afternoon, following co-ordinated remarks from Finance Minister Haddad, Planning Minister Tebet and VP Alckmin, highlighting the government’s commitment to the fiscal target and willingness to rein in expenditure. Haddad said that the government has started the debate on the 2025 expenses agenda and would present fiscal measures next week, with Tebet adding that the government has plans to cut expenses. On the decision by the Senate to return recent tax legislation to the government, Haddad said that he believed an agreement would be reached and proposals would be put forward from next week.
  • VP Alckmin then spoke about President Lula’s commitment to the fiscal framework and his confidence in Finance Minister Haddad, who he said is doing a good job. He added that he expects interest rates to continue to fall and for BRL to strengthen against the dollar.
  • USDBRL came under pressure following the comments, although the move has been pared in recent trade, leaving the pair 0.6% lower on the day at the time of writing. DI swap rates also rallied, with yields down by around 12bp today (albeit still c.40bp higher on the week).
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