The Brazilian government’s announcement of a new industrial plan this week points to greater state intervention in the economy that will do little to alleviate the country’s productivity problem. Elsewhere, this week's activity and inflation data from Mexico have shifted the odds away from a February rate cut. But regardless of whether the first rate cut comes then or in March, the bigger picture is that interest rates this year will remain historically high. Finally, Panama's drought continues to weigh on global shipping - our newly-launched shipping dashboard gives a holistic overview of how events in Panama and elsewhere are affecting shipping trade, freight costs, and markets.
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