You Reap What You Sow

BRAZIL ECONOMICS - Report 15 Oct 2024 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

Recently, the Treasury has faced difficulties in placing fixed-rate or inflation-linked bonds, as their prices embed a high-risk premium. As a result, the share of Selic-linked bonds has grown rapidly, worsening the composition of public debt by reducing maturities and increasing sensitivity to interest rate fluctuations. Reversing this trend depends on reducing risk premiums, but current fiscal and monetary policy paths do not seem to align with this goal.

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