DI rates rise again with fiscal after downward adjustment at opening

Future interest rates opened this Friday (11) with a downward bias, in an adjustment in line with the corrections seen in the Ibovespa futures and the dollar the day after strong losses in domestic assets with the worsening perception of fiscal risk.

The movement, however, was momentary, and rates rose again, hitting highs, as investors continue to reassess the fiscal scenario. The growth in the volume of services provided in the country, above the median of market estimates, helps in the rise.

At 9:33 am, the Interbank Deposit (DI) contract for January 2024 indicated a rate of 13.96%, from 13.63% in the previous adjustment. The DI for January 2025 was at 13.37%, from 13.05%, and that for January 2027, at 13.37%, from 12.97%.

Attention is focused on the Proposed Amendment to the Constitution (PEC) of the Transition, which was still being formulated yesterday, but can be released today to the general rapporteur for the 2023 Budget, Senator Marcelo Castro (MDB-PI). The emedebista reinforced that the transition team works with the idea of ​​removing the entire Bolsa Família from the spending ceiling permanently, “forever”.

With that, the new government buys time to “calmly” discuss changes in fiscal rules, as a new anchor other than the spending ceiling. The vice president-elect, Geraldo Alckmin (PSB), reinforced on his social networks that the precept of fiscal responsibility will be guaranteed in the next government.

But the delay in appointing the Minister of Finance combined with noise can also keep the operating tables stress. The appointment of former minister Guido Mantega to join the transition team and the president-elect’s willingness to accommodate names known for not-so-orthodox policies continue to make investors very apprehensive, according to market operators. Last night, President-elect Luiz Inácio Lula da Silva stated that he “has never seen the market so sensitive” and that “the market gets nervous for nothing”.

In this context, investors follow the statements of the president of the Central Bank, Roberto Campos Neto, during a lecture at the virtual event “The Economic Scenario and the BC# Agenda”.

Meanwhile, the director of Economic Policy, Diogo Guillen, and of International Affairs, Fernanda Guardado, hold the third quarterly meeting with economists.