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Follow Up On Pacheco's Comments

BRAZIL

These latest comments are broadly in line but do highlight the potential need to somehow circumvent the cap. This is something that Governor Campos Neto has noted on the record. He has previously indicated that any type of creative accounting that still alters the fiscal trajectory would impact decision making, even if there were to be no nominal breach. USDBRL had stalled anyway but 0.5% off it's worst levels at 5.3780.

For reference, the central bank next meet on March 17th.

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