The new fiscal framework presented to congress by Brazil’s government this week would, if implemented in full, go a long way towards stabilising Brazil's public finances. But there are several hurdles to overcome and we think it's more likely than not that the debt ratio will return to an upwards path this year. Meanwhile, major central banks in the region have continued to strike a hawkish tone over the past week. But interest rate cuts in Costa Rica and Uruguay may be a sign that the monetary policy tide is about to shift.
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