Brazil's inflation outlook and impact on EWZ

Watching the latest CPI read out of Brazil. It's coming in higher than anticipated, which immediately puts pressure on Copom to maintain their hawkish stance. We've seen $EWZ trading sideways, currently around 36.42, with a slight dip today. The sustained inflation could lead to continued higher rates for longer, potentially dampening the recovery story for Brazilian equities. Not making any moves yet, but definitely keeping a close eye on the 36.20 level for support.