Brazil and the Changes in the External Scenario

BRAZIL ECONOMICS - Report 24 Jun 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Since the signal sent by Chairman Bernanke at the press conference following the FOMC meeting in May, that the Fed's program of purchasing US$ 85 billion in assets per month would probably be tapered back in the second half this year, the global markets have been trying to adjust to the new reality. Until last week, some still held out the (remote) hope that there was some mistake in the message sent by Bernanke, while others saw the reactions of interest and exchange rates around the world as evidence that the negative effects would prevent such a course change from happening. But the publ...

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