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Summary – February 26

LATAM
  • Brazil January fiscal data will be released later, in an otherwise quiet Latam calendar today. The focus this week will be on Banxico’s latest quarterly inflation report on Wednesday, while BanRep will hold a non-monetary policy board meeting to assess the latest data on the economy. Data wise, attention will be on Brazil half-month CPI on Tuesday, while Chile January activity and Peru Feb CPI will also cross later this week.
  • Global News:
    • MIDEAST – officials negotiating Gaza cease-fire talks have tentatively agreed to the "basic contours" of a deal, White House national security adviser Jake Sullivan said Sunday, adding that the United States hopes a final agreement can be reached "in the coming days."
    • US – President Biden will meet with top congressional leaders including House Speaker Mike Johnson at the White House on Tuesday in a bid to unlock billions of dollars in emergency aid to allies including Ukraine and avert a US government shutdown. Biden “will discuss the urgency of passing the bipartisan national security supplemental and keeping the government open,” the White House said.
    • RUSSIA – Russia will give a “symmetrical” response to any actions by the US and its allies that target its frozen assets abroad, Finance Minister Anton Siluanov said. “We also have no fewer frozen” assets than the West holds, Siluanov said in an interview with the state-run RIA Novosti news service published Monday.
    • BRAZIL (MNI) – the BCB is likely to maintain its forward guidance for further 50bp cuts at its next meeting in March, meaning that cuts of that magnitude are almost guaranteed in March, May and June, its former director of international affairs Alexandre Schwartsman told MNI. "At some point, the central bank will have to consider a reduction in the pace,” Schwartsman said in an interview.

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