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Spending Bill Moves to Lower House

BRAZIL
  • The proceedings tied to the approval of the spending bill in the Lower House will be closely watched with text likely facing stronger opposition than seen in the Senate. Any further watering down of the bill may bolster local assets in the short-term.
  • Fernando Haddad was confirmed as the next finance minister and with the news fairly well baked into market pricing, the confirmation had little impact. Attention will now turn to other key members of the government, with market participants looking to see how much the Workers’ Party will control economic decisions.

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