Copom will meet tomorrow to decide on the next hike (25bps expected) and hopefully sound less hawkish now that they have gotten a little distance on inflation but helped the “real rate” profile.
The market is dancing near the Feb 3 lows and not far off the July ’13 lows.
Despite all the doom and gloom (GDP revisions lower, electricity rationing, falling China demand for ore), the Ibovespa (quote) maybe setting up for a “double bottom” at 45K on the index where we bounced last July.
Add this to your watch list.