What’s Ahead for Brazil and Its Pension Reform

Financial markets showed little reaction to the result of the first successful vote of Brazil’s pension reform, which reiterates that the outcome was already priced in. However, a lack of volatility in the market does not mean that a small event occurred. In fact, the will likely prove to be a momentous, even historic, occasion for Brazil.

Perhaps the biggest surprise isn't that the reform passed its first test, but that the political environment in the country allowed this to happen. Understanding this new dynamic is key to determining whether or not more reforms are forthcoming....

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