Thoughts on Brazilian Equities Given Recent Rate Talk

Been watching the noise out of Brazil lately, specifically how much room their central bank might have to cut rates further. There's been a lot of conflicting signals, some suggesting the easing cycle is running out of steam faster than expected, others pointing to persistent disinflation. For now, it seems the market is somewhat indifferent, $EWZ is still grinding along at 35.87 today. I'm keeping it on the watchlist, but a hawkish shift in tone from the BCB, or even just a less dovish one, could pull the rug out from under some of the local names that have been pricing in continued cuts. It’s a bit of a tricky setup; not sure the risk/reward is there for a significant long position until we get clearer guidance on the path of rates.