The minutes to the latest Brazilian central bank decision show that the hawkish contingent on Copom is larger and more vocal than we had anticipated. But the weakness of the labour market figures published this week may clip the hawks' wings. Meanwhile, a threatened truck drivers’ strike next week could be another headwind to Brazil's ailing recovery. Finally, the upcoming election for the next speaker of Brazil’s Chamber of Deputies could be crucial in determining the risk of a presidential impeachment as well as the prospect for economic reforms.
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