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Longer-end Swaps Retreat on Galipolo Interview

BRAZIL
  • Speaking in a TV interview late yesterday, BCB nominee Galipolo acknowledged market expectations for a rate cut, but stressed that the objective of the current wave of nominees is not to seek short-term rate cuts. The comments resulted in a flattening of the swaps curve, as longer-dated swaps were trimmed on expectations of more tame inflation.
  • On the progress of the fiscal framework, the rapporteur yesterday confirmed a presentation of the fiscal framework report is unlikely today - as he is yet to receive complete reviews of the suggestions he has been receiving.
  • The most senior foreign affairs aide to Lula concluded a trip to Ukraine yesterday with a meeting with Zelensky, with analysts suspecting the trip was an attempt to smooth relations with Kyiv and the West after Lula repeatedly suggested Zelensky should admit partial responsibility for the invasion of Ukraine. Folha report that Amorim saw the visit as 'positive', helping to lay out Brazil's goals for peace in the region.
  • Petrobras earnings are due after the market close later today, with market focus resting on the sustainability of dividend payments going forward.
  • Lula attends a series of events in Salvador today, while his finance minister Haddad attends meetings with the G7 in Japan. He has already met with US Treasury Secretary Yellen overnight.
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