The U.S. and Iran reached a provisional agreement

May IPCA shows moderation on the margin, but composition remains pressured. Headline inflation rose 0.58% m/m (market: 0.53% m/m; Rabobank: 0.51% m/m; Apr: 0.67% m/m). Food prices continue to exert pressure, while Housing gains strength. Services activity rebounds in April after a previous decline, but the pace still suggests stagnation. The services sector grew 1.2% m/m in April (market: 0.8% m/m; Rabobank: 0.6% m/m; Mar26: -1.1% m/m; Apr25: 0.2% m/m), outperforming expectations and reversing the contraction seen in the prior month. However, the overall performance still points to a moderate recovery pace.