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Lula Publishes Letter Committing To Responsible Policy

BRAZIL
  • Just three days before the second round of voting of the presidential election, former president Luiz Inácio Lula da Silva released a letter, committing to “responsible fiscal policy,” “with clear and realistic rules,” if he were to be elected. Lula also indicated he will introduce new labour legislation along with a new Growth Acceleration Program.
    • The Brazilian Real surged on reports of Lula pledging fiscal responsibility with USDBRL reaching lows of 5.2422 shortly afterwards.
  • However, with the former president not detailing what the economic policy of his eventual government would be, nor defining what the new fiscal anchor would be to replace the spending cap, nor indicating what he intends to do to cover the budget deficit in 2023, USDBRL swiftly reversed, trading back to 5.34 before the close.
  • Former central bank chief Henrique Meirelles and ex-Health Minister Alexandre Padilha have emerged as two strong candidates to lead the country’s economic team if Lula were to win the Oct. 30 runoff vote. Both have seen their odds of becoming finance minister climb in recent days and are considered good choices among Lula’s allies, people with knowledge of the matter said, according to Bloomberg.
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