LatAm Daily | Credit markets continued to deteriorate in May in Brazil

In Brazil, non-performing loans increased to 3.8% (3.4% at the end of 2015 and 3.0% one year ago) and will probably continue to do so moving forward. Also in Brazil, the BCB’s 2Q16 Inflation report will be released today. We expect the BCB to adopt a more hawkish tone and only cut the Selic rate by the end of the year or beginning of 2017.

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