Talk of the Day – Brazil

According to a news piece published on the newspaper “O Globo”, President Michel Temer was recorded by a Brazilian businessman in negotiations involving bribes to ex-president of the Lower House Eduardo Cunha. So far, the existence of a recording has only been confirmed by the news, and has not been released publicly.

The core text of the Fiscal Recovery Regime that seeks to bring relief to highly indebted states in exchange for structural adjustments in fiscal accounts was approved in the Senate, with 56 votes in favor and 9 votes against.

In the opening remarks of IMF’s Regional Economic Outlook, released yesterday in BCB’s website, Governor Goldfajn said the authority is considering between keeping the current pace of easing or a “moderate intensification of the pace”. The monetary policy committee will consider the evolution of economic context as well as uncertainties and risk factors still present in the economy. Finally, he emphasized the board is still evaluating the appropriate degree of frontloading, adding “there is no definition at the moment, a decision will be only taken at the next Copom’s meeting”.

The BCB placed the full offering of 8,000 FX swaps. After closing, the central bank called a roll over auction of up to 8,000 contracts for today.

 

Fuente: ITAU

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