There's no change to the cocktail of weak growth/sky-high rates/improving external balance ... all of which keeps us in BRL carry and fixed income. Copom has been cutting rates, but barely, and the jump in oil prices will likely forestall a more serious effort while further supporting the value of the currency. This is not a particularly great environment for equities - but it is the best of all possible worlds for FX carry, and we see no reason to exit duration fixed income either.