The 18.8% m/m fall in Brazilian industrial production in April was not as calamitous as we and most others had feared, but it still highlights that GDP will fall dramatically in Q2 – perhaps by 10-12% q/q. It will also provide Copom with plenty of reason to cut interest rates further later this month.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.