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Free AccessLira And Pacheco Elected, Should Provide Short-Term Support For Local Assets
- **Rodrigo Pacheco elected Senate President securing 57 votes versus 21 for his rival Tebet.
- **Arthur Lira elected Lower House Speaker, winning 302 votes versus 145 votes cast for Baleia Rossi.
- No surprises here. May offer some respite in the short term for local assets. Given both candidates were supported by Bolsonaro, we should likely see less friction in passing the government's reform agenda. Lira too has said he would secure a constitutional amendment with mechanisms to cut expenses if needed to comply with the spending ceiling.
- A definite win for Bolsonaro, especially as impeachment threat is substantially hindered.
- Undoubtedly, there will be obstacles ahead as headlines will be dominated around the need for further stimulus. Pacheco told reporters after the result that "I'll start a conversation with the government so we can reconcile the spending cap rule with social assistance."
- The central bank has always been very vocal surrounding the fiscal trajectory. Previously stating, 'changes in the fiscal policy that affect the public debt trajectory or compromise the fiscal anchor would motivate a reassessment, even if the spending ceiling in nominal terms is still maintained.'
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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.