Brazil central bank acknowledged finance minister Haddad’s efforts to approve a fiscal package to improve public finances and reduce upside risks to inflation. However, the bank did not indicate that it is prepared to discuss rate cuts and reiterated its readiness to increase borrowing costs if inflation does not behave as expected. Consumer price increases are expected to remain above target through 2025, and the bank held its benchmark Selic rate at 13.75% for the fifth consecutive meeting last week.