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Tax Reform Bill Expected This Week, Galipolo At Moody’s Event

BRAZIL
  • Speaking to journalists in Brasilia on Monday, the tax reform proposal’s rapporteur detailed that Brazil’s Tax Reform will be faced with “several different texts” in the coming days and the final version should be sent to the Senate’s Constitution and Justice Committee by the end of this week.
  • DI Swap rates shifted lower on with the long end declining around 15bps. A lower revision for 2023 year-end inflation expectations may have contributed to the move, however, the further upswing for US yields on Tuesday could prompt a reversal. Services volume data crosses today, although the key data point this week will be retail sales and economic activity on Wed & Thur respectively.
  • A few other points to note:
    • Brazil’s October IGP-10, a second-tier inflation gauge, came in at 0.52% m/m vs 0.4% est., 0.18% prior (BBG)
    • Central bank Monetary Policy Director Gabriel Galipolo attends Moody’s Inside Latam: Brazil 2023 event, 12pm Brasilia time.
    • Vale is set to disclose its quarterly iron ore output after the markets close on Tuesday.
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