The minutes to last week’s Brazilian central bank meeting made clear that the easing cycle will kick off in August, but they also confirmed our long held view that the easing cycle will be gradual – and more so than most anticipate. In Argentina, the Peronists’ decision to coalesce behind Economy Minister Sergio Massa as their presidential candidate has reduced the risk of a leftwing firebrand leading the country. But while the news has encouraged investors, Massa’s track record as Economy Minister is nothing to cheer about.
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