Greater Risks and Less Fiscal Policy Leeway

BRAZIL ECONOMICS - Report 11 Nov 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Last week the center of attention returned to the timing of the Federal Reserve’s tapering. After the publication of good indicators for the American economy, such as the higher non-farm payroll figures, the rate on 10-year Treasuries climbed nearly 20 basis points (Graph 1). This movement was accompanied by movement in the longer term interest rates and exchange rates of various countries. In the Brazilian case, however, in addition to an increase in longer term interest rates (such as the DI for January 2017) and a weakening of the real, there was also an increase in the CDS quotations. T...

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