BRAZIL: External Corporate Debt Issuance

• -1,500 WNH6 118-24, sell through 118-26 post time bid at 1408:00ET, DV01 $274,500.
• The 30Y Ultra contract trades 118-17 last (+6)

A comparison of December's rate decision statement vs the previous edition in October below:

• The only major change is in forward guidance, which was widely expected, noting "In considering the extent and timing of additional adjustments..." vs previously "In considering additional adjustments". This is seen as maintaining the overall easing bias while suggesting that the consecutive pace of reductions is set to slow in 2026.
• The new statement also mentions the launch of reserve management purchases as noted earlier.
• 2 dissents in favor of a hold is more or less in line with expectations, though most thought along with KC's Schmid that it would be St Louis's Musalem that dissented - instead it was Chicago's Goolsbee. (Gov Miran dissented in favor of a 50bp cut for the 3rd consecutive meeting, as expected.)