Right back from Thanksgiving in Afghanistan and Tariff Man is reinstating tariffs on Brazilian (and Argentinian) steel after nearly a yearlong exemption
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One explanation for the rise is that Trump also used his swipe at Brazil to go after the Federal Reserve for not being dovish enough. Trump believes the dollar bull market is due in large part to high U.S. interest rates compared to Europe. But rates at the European Central bank are zero. So when Trump asks for lower rates, Wall Street thinks real rates in the U.S. are going to zero, or negative.
Brazil’s interest rates are falling. That means bond yields are lower. Many Brazilians and international investors could be dumping real-priced debt as yields look less attractive.
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