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Christmas comes to Cuba
Weekly investor research
22 December 2014
Christmas comes to Cuba as the country finally escapes its tragic status as a museum piece from the Cold War. Brazil raises
the long-term policy interest rate as the government takes another gradual step towards restoring fiscal credibility. China’s GDP
is revised higher with more to come. Colombia passes a tax reform and the FARC rebels declare a unilateral, indefinite
ceasefire. Several European leaders are seeking to de-escalate tensions with Russia over Eastern Ukraine. Russia recapitalises
its banks after a week of exceptional currency moves and a 650bps hike in policy rates. In the United States, the FOMC blew hot
and cold without really changing the outlook for monetary policy relative to what was expected prior to the December meeting.