Brazil Finance Minister Durigan: Lula and economists aligned on fiscal path

The emphasis on alignment and on strengthening existing fiscal rules, rather than announcing new measures, signals a government managing expectations while keeping its fiscal framework intact. For Brazilian assets and the local currency, the gap between diagnosis and action is what matters: no specific measures were discussed, and the timing was explicitly deferred. The open question is whether this alignment translates into concrete commitments when the 2027 budget guidelines process advances, or remains a statement of intent that leaves markets pricing uncertainty about the fiscal path.