Market Information Tuesday 25 November 2025

Brazil’s central bank governor Gabriel Galipolo reiterated that policymakers remain dissatisfied with the pace of disinflation, even after holding the policy rate at 15 percent, its highest level in almost twenty years. He stressed that interest rates must stay restrictive until inflation is firmly on track to reach the 3 percent target. Galipolo also defended the recent liquidation of Banco Master as necessary to safeguard financial stability after a severe liquidity crisis and sharp financial deterioration.

In its latest report, the European Bank for Reconstruction and Development warns that ageing demographics are already weighing on growth in several economies. The bank estimates that in emerging Europe shrinking working age populations could trim per capita GDP growth by almost 0.4 percentage points annually between 2024 and 2050. Chief economist Beata Javorcik highlights that post communist countries are “getting old before getting rich” and stresses the need for longer working lives and pension reform.

The U.S. dollar held broadly steady as investors weighed a possible December interest rate cut from the Federal Reserve following dovish comments by Governor Christopher Waller and New York Fed President John Williams. Markets now price an 81 percent probability of a quarter point move, up from 42 percent a week earlier, yet the dollar index trades near 100.2. The euro is around 1.1522 dollars, sterling 1.3103 dollars and the yen remains weak near 157 per dollar.

The 6M Euribor decreased with 1 basis point to 2.12% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.74% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.