The news this week that Brazil’s President Bolsonaro sacked the CEO of oil giant Petrobras, José Mauro Coelho, provides a worrying sign about the direction of policymaking in the run-up to October’s elections. Elsewhere, while the minutes to Banxico’s last meeting showed that most Board members were seriously considering a 75bp move (compared to the 50bp delivered), we suspect that Banxico will stick to the current pace of tightening in the near term. Finally, we published a Focus and held a Drop In looking at the implications of Colombia’s presidential election on Sunday.
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