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Brazil's 10-year government bond yield fell to 14.43% in July from 14.54% a week earlier after inflation data came in below expectations. Annual inflation slowed to 4.64% in June from 4.72% in May, undershooting market forecasts of 4.80% and moving closer to the BCB's target range of 1.5%–4.5%. The softer reading strengthened expectations that the central bank may adopt a more dovish stance.
At the same time, oil prices retreated amid signs that diplomatic efforts between the US and Iran remain on track despite recent tensions, easing concerns over energy-driven inflation. Meanwhile, formal job creation slowed to about 73,000 positions in May, well below the 115,000 projected, indicating a gradual cooling in the labor market.
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