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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Government To Raise IOF Tax To Fund Social Program
- Valor reported that the Economy Ministry is readying a proposal to raise a financial transaction tax known as IOF on credit, FX and insurance operations, as well as transactions involving bonds or other securities. This was later confirmed by an official.
- The increase would be in order to fund the so-called Auxilio Brasil social program ahead of the 2022 elections.
- The tax increase between Sept. 20. and Dec. 31 can boost govt. revenue by 2.1b reais in 2021, according to the presidential palace.
- Measure is due to come into effect immediately and requires no congressional approval.
- Overnight, Brazil's lower house Constitution and Justice Committee sees the court-ordered payments bill known as 'precatorios' as constitutional. Treasury's Bruno Funchal commented that:
- Brazil govt has 30 days to solve court-ordered payments (BBG)
- Brazil rising risk premium on precatorio hits 2022 GDP (BBG)
- Brazil's President Jair Bolsonaro disapproval rating reached a record of 53% from 51% in the July poll, within the error margin, but following an upward trend, according to Datafolha poll published by Folha de S.Paulo newspaper.
- In response the president said the Datafolha poll on his popularity is no parameter.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.