Brazil’s 10-year government bond yield rebounded to ~13.8% from a one-month low of 13.7% as markets priced in fiscal risks from the US tariff shock and President Lula’s “Sovereign Brazil” stimulus package worth 30–35 bln. The central bank’s decision to hold the Selic rate at 15% keeps borrowing costs high, anchoring real-rate expectations despite elevated public debt and persistent inflation.