Joining the party

Inflation

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Last February, Brazil's famous carnival more or less coincided with a decision by Brazil's government to remove the 15% withholding tax that had deterred investors from buying domestic inflation-linked bonds. The celebration ignited by that decision may have featured rather more sober pinstripes and fewer feathered dancers than Rio de Janeiro's four-day street party, but it has also outlasted the carnival, welcoming eager investors to both cash and derivatives markets throughout the year.

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