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Henrique Mereilles, Brazil’s central bank head, has no patience for a wage and price spiral. Brazil has been there, done that. He is respectful of history, as we are. History repeats, and those who do not respect that, repeat its mistakes.

Brazil raised interest rates overnight by another 75 basis points, taking their benchmark rate to 13%. This is definitely one of the factors creating weakness in the commodities markets this week. The world needs inflation fighters, and if the USA is not going to take that leadership role, a country like Brazil is good enough for me.

Well done, Mr. Mereilles.
KJM