Copom’s concerns, Maduro tests the US, Chile’s lithium

The minutes to the Brazilian central bank’s meeting last week confirmed our view that Copom will soon start to slow the pace of easing. Meanwhile, developments in Venezuela this week mean that it now looks highly likely that the US government will restore sanctions in April when the current suspension on sanctions is set to expire. That will nip Venezuela’s nascent economic recovery in the bud. Finally, Chile's government provided more details on its national lithium strategy, but we doubt that Chile will reap the full benefits of the opportunities that the green transition presents.