In today’s issue: Pension reform announced, but still vague. The implosion of the president’s party. And the new faces in the Bolsonaro economic team.
What to make of the government’s pension reform proposal
President Jair Bolsonaro has settled on a minimum retirement age for Brazilian workers: 65 for men, 62 for women—with a transition period of 12 years. These pieces of information alone managed to push the São Paulo stock market index up 2.27% yesterday. A detailed bill, however, should only make it to Congress next week.
Markets were excited because Mr. Bolsonaro had defended lower minimum ages in...